Silver Physical Market Brief: July 31, 2026

Executive summary

Physical delivery activity on COMEX saw a significant transition as the July contract expired and the August contract became the focus. Today's delivery intentions dropped to just 27 contracts for the new front month, a sharp decrease from yesterday's 1,393 contracts which largely represented final deliveries for the very active July contract. The month-to-date total for the new August contract stands at 705 contracts. CFTC data indicates that Managed Money holds a significant net long position, a bullish speculative stance that contrasts with the current lull in physical delivery demand as the new contract cycle begins.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 27 contracts were issued and stopped today, marking the beginning of the August delivery period.
  • AUGUST 2026 COMEX 5000 SILVER FUTURES: 7 contracts issued/stopped.
  • AUGUST 2026 MICRO SILVER FUTURES: 20 contracts issued/stopped.
• Month-to-Date (MTD) Context:
  • The MTD total for the new August contract cycle now stands at 705 contracts.
  • This follows a very large delivery day on July 30th, where 1,393 contracts were processed, finalizing the July delivery month. The MTD for the expired July contract was exceptionally high, reaching 9,175 contracts by the end of its cycle.

Warehouse stocks

CME does not publish detailed daily warehouse stock levels for COMEX Silver in this data feed.

COT cross-check

The latest CFTC positioning data shows a divergence between speculative sentiment and the current physical delivery cadence. - Managed Money holds a net long position of 9,182 contracts (17,939 long vs. 8,757 short). - Commercials (Producer/Merchant) hold a substantial net short position of 13,029 contracts (5,958 long vs. 18,987 short), which is typical hedging behavior. - The bullish speculative positioning contrasts with the sharp drop-off in physical delivery notices as the market transitions from the heavily delivered July contract to the new August contract.

Risks and watchpoints

• August Delivery Volume: The key watchpoint is whether delivery demand for the August contract will build toward the very high levels seen in July. The current MTD total of 705 contracts is a modest start.
• Speculative vs. Physical Divergence: The significant net long position held by speculators could face pressure if physical delivery demand for August fails to accelerate. A continued slowdown in physical settlement alongside elevated speculative length could signal a short-term disconnect.
• Open Interest: Total open interest stands at 106,719 contracts. Monitoring changes in this figure will provide insight into whether new positions are being established or if the market is seeing liquidation after the July contract roll.