COMEX Silver Physical Market Brief: 2026-07-24

Executive summary

Physical delivery activity for the July silver contract continues, though the daily pace has slowed significantly. Month-to-date deliveries remain robust, indicating consistent demand for physical settlement throughout the month. CME does not publish daily warehouse stock levels for silver, limiting visibility into inventory flows. Speculative positioning remains strongly net long, which is currently supported by the ongoing physical offtake, showing an alignment between paper markets and physical settlement demand.

Delivery intentions (today + MTD context)

Delivery notices for the July 2026 contract period have tapered off, suggesting the bulk of the monthly settlement activity may be complete.

• Today's Activity (July 24): A total of 18 contracts were issued and stopped.
  • COMEX 5000 Silver Futures: 3 contracts
  • Micro Silver Futures: 15 contracts
• Month-to-Date (MTD): The total for the July delivery period now stands at 9,165 contracts.
• Trend Context: Today's volume of 18 contracts is a continuation of a slowdown from 28 contracts yesterday (July 23) and is significantly lower than the 305 contracts reported on July 22. This pattern is typical as a delivery month nears its end.

Warehouse stocks

CME does not publish detailed, daily warehouse stock data for COMEX Silver in this feed. Analysis of physical inventory levels requires sourcing data from exchange-specific reports.

COT cross-check

The latest Commitments of Traders (COT) data shows a significant net long position held by speculators, which is consistent with the strong physical delivery demand seen this month.

• Managed Money: This speculative group holds a net long position, with longs at 18,204 contracts versus shorts at 6,922.
• Commercials (Producers/Merchants): This group holds a large net short position (18,667 short vs. 5,623 long), typical of hedging activity.
• Positioning vs. Physical Flow: The strong speculative net long interest aligns with the robust month-to-date delivery total of 9,165 contracts. There is no major divergence; rather, the willingness of participants to stand for delivery provides a physical underpinning to the bullish paper positioning.

Risks and watchpoints

• Slowing Delivery Pace: Monitor whether the current slowdown in delivery notices is a standard end-of-month tapering or the beginning of a drop-off in physical demand at current price levels.
• Speculative Positioning: The large managed money net long position represents a potential source of volatility. A rapid unwinding of these positions could pressure prices, regardless of the steady physical settlement activity.
• Open Interest: Total open interest stands at 106,410 contracts. Any significant changes relative to delivery volumes could signal shifts in market sentiment between paper trading and physical settlement interest.