COMEX Silver Physical Market Brief: 2026-07-23

Executive summary

Physical delivery activity for the July silver contract has slowed dramatically, which is typical as the delivery month nears its end. Today saw just 28 contracts issued, a steep drop from the 305 seen yesterday. However, the month-to-date total remains very strong at 9,162 contracts, indicating significant physical demand was satisfied earlier in the cycle. Speculative positioning, as of the latest COT report, shows a solid net-long stance, which is consistent with the strong overall demand seen for physical delivery this month.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 28 delivery notices were issued for the July 2026 contract, a significant slowdown from the 305 contracts issued on the prior day (July 22).
  • Standard (5000 oz) contracts: 23 issued.
  • Micro (1000 oz) contracts: 5 issued.
• Month-to-Date (MTD) Volume: The cumulative delivery total for the July contract now stands at 9,162 contracts. This robust volume indicates strong demand for physical settlement throughout the month, even as daily activity is now tapering off.
• Trend Context: Daily delivery volumes have been volatile, with recent highs of 305 (July 22) and lows of 0 (July 20 and July 16). The current slowdown is expected as the contract period concludes.

Warehouse stocks

CME does not publish consolidated daily warehouse stock figures for COMEX Silver in this data format. Analysis of physical supply must rely on other sources or exchange-specific reports.

COT cross-check

The latest CFTC data (as of July 17, 2026) provides a useful, albeit slightly dated, positioning snapshot: - Managed Money (Speculators): Net long 11,501 contracts (17,554 long vs. 6,053 short). - Producer/Merchant (Commercials): Net short 12,708 contracts (5,548 long vs. 18,256 short).

The net-long positioning from speculators is directionally consistent with the strong month-to-date physical delivery demand (9,162 contracts), suggesting that bullish paper market sentiment has been backed by a significant demand for physical metal this month.

Risks and watchpoints

• End of Delivery Period: With the July contract expiring, daily delivery volumes are expected to remain low. Any unexpected surge in last-minute notices could signal acute physical tightness.
• COT Data Lag: The positioning data is as of July 17. Given the price fluctuations since then (settlement from $56.03 to $57.79), the next COT report will be critical to see if speculative interest has held up.
• Focus Shifts to Next Active Month: Market attention will now shift to the next active delivery month. Tracking the build-up of open interest for that contract will be the key forward-looking indicator for physical demand.