Silver Physical Market Brief: 2026-07-28

Executive summary

Physical delivery activity for the July COMEX contract has tapered off significantly, with only 12 new intentions filed. However, the month-to-date total remains very robust at 9,170 contracts, indicating substantial physical settlement has occurred throughout the delivery period. Speculative positioning (as of July 24th) shows a clear net long stance from Managed Money, which is consistent with the strong underlying demand for physical delivery seen this month.

Delivery intentions (today + MTD context)

Daily delivery volume was light as the July contract period nears its end. - Today's Activity: A total of 12 contracts were issued and stopped for delivery on July 30th. - 2 contracts were for the "COMEX 5000 SILVER FUTURES". - 10 contracts were for the "MICRO SILVER FUTURES". - Month-to-Date (MTD) Volume: The cumulative delivery total for the July 2026 contract now stands at 9,170 contracts. - Trend Context: Today's volume continues the recent trend of low daily activity seen over the past few sessions (3 contracts on July 27th, 18 on July 24th). This is a sharp decline from the 305 contracts issued on July 22nd, suggesting the bulk of the month's delivery process is complete.

Warehouse stocks

CME Group does not publish daily public warehouse stock levels for COMEX Silver. Analysis must rely on delivery intentions and other market indicators.

COT cross-check

The latest CFTC data (as of July 24th) shows speculative funds holding a firm long position, which aligns with the strong physical delivery demand seen for the July contract. - Managed Money: Net long position with 18,204 long contracts versus only 6,922 short contracts. - Commercials (Producer/Merchant): Maintained their typical net short hedging position (5,623 long vs. 18,667 short). - Positioning vs. Physical: The significant net long stance from speculators is consistent with the high month-to-date delivery total of 9,170 contracts, indicating no major divergence between paper positioning and physical offtake for this contract cycle.

Risks and watchpoints

• End-of-Month Taper: The slowdown in daily deliveries is expected at this point in the contract cycle. However, any unexpected surge in last-minute intentions could signal immediate physical tightness.
• Focus Shifts to Next Active Month: With the July contract concluding, market attention will shift to positioning and open interest for the next active delivery month.
• Data Limitations: The lack of public warehouse stock data for COMEX silver remains a key challenge, forcing a greater reliance on delivery flow as the primary indicator of physical market balance.