Silver Physical Market Brief: 2026-08-04

Executive summary

Physical delivery intentions for the August Silver contract continue at a measured pace early in the delivery month. Today saw 71 contracts issued and stopped, bringing the month-to-date total to 924 contracts. This early-month volume is steady but has not yet shown the large single-day figures seen in the prior July contract. The latest Commitments of Traders (COT) data shows that Managed Money holds a significant net long position, suggesting speculative sentiment is bullish, which will be tested against the physical demand demonstrated through the remainder of the August delivery cycle.

Delivery intentions (today + MTD context)

On August 4, 2026, a total of 71 contracts were issued for delivery against the AUGUST 2026 COMEX 5000 SI futures contract. An equal number of contracts were stopped (taken for delivery).

• Today's Intentions: 71 contracts issued/stopped.
• Prior Day (Aug 3): 150 contracts.
• Month-to-Date (MTD) Total: 924 contracts.

The daily volume has moderated from the 150 contracts posted yesterday. As the August delivery period is only a few days old, the current month-to-date total of 924 contracts provides an early baseline. This will be a key figure to compare against the total deliveries for the prior active month (July), which exceeded 9,100 contracts.

Warehouse stocks

CME Group does not publish aggregated daily warehouse stock levels for COMEX Silver in this data feed. Tracking is focused on delivery intentions.

COT cross-check

The most recent COT data (as of July 31, 2026) provides a snapshot of futures market positioning just as the August delivery period began:

• Managed Money: Net Long (17,939 long vs. 8,757 short).
• Producers/Merchants (Commercials): Net Short (5,958 long vs. 18,987 short).
• Total Open Interest: 106,719 contracts.

Speculative funds (Managed Money) entered the August delivery period with a clear net long bias. This bullish paper positioning aligns with the ongoing demand for physical settlement, although the current physical offtake of 924 contracts MTD is still modest. A divergence would appear if delivery demand falters while speculative net length remains high.

Risks and watchpoints

• Pace of Delivery: The key watchpoint is whether the daily volume of delivery intentions accelerates through the month. A significant increase would signal strong physical demand, validating the net long speculative positioning.
• Concentration: Watch for any large single-day issuance or stopping of contracts, which could indicate a major player asserting themselves in the physical market.
• Positioning vs. Physical Flow: The primary risk is a disconnect between paper market sentiment and physical market reality. If delivery volumes remain muted for the August contract, the conviction of the speculative net long position could be tested.