Silver Physical Market Brief: 2026-08-13

Executive summary

Physical delivery activity for the August Silver contract remains exceptionally light, consistent with an off-cycle delivery month. Just one contract was processed today, bringing the month-to-date total to 1,468. This muted physical offtake via COMEX contrasts with the net-long positioning held by speculative traders (Managed Money) in the most recent CFTC report, highlighting a potential divergence between paper market sentiment and immediate physical settlement demand.

Delivery intentions (today + MTD context)

Delivery activity on the August 2026 COMEX 5000 Silver Futures contract has slowed to a trickle as the delivery period progresses.

• Today's Activity (Aug 13): A single contract was issued and stopped, representing a minimal level of physical settlement.
• Month-to-Date (MTD): The total for the August contract now stands at 1,468 contracts.
• Trend Context: Activity has been tapering since the beginning of the month. After 150 contracts were issued on August 3rd and 71 on August 4th, daily volumes have been negligible. This is typical for an off-cycle delivery month like August, especially following the more active July contract.

Warehouse stocks

CME does not publish daily public warehouse stock data for COMEX Silver futures. Analysis of physical supply dynamics relies on other indicators, such as delivery intentions.

COT cross-check

The latest Commitments of Traders (COT) data, as of August 7, 2026, shows a divergence between speculative sentiment and the current pace of physical delivery.

• Managed Money Net Position: Speculators were net long by 11,974 contracts (20,465 long vs. 8,491 short), indicating a generally bullish outlook on price.
• Commercial Net Position: Commercials were net short by 13,080 contracts (6,151 long vs. 19,231 short), their typical hedging posture.
• Positioning vs. Physical Flow: The net-long speculative positioning suggests bullish sentiment in the paper market. This contrasts with the very weak physical delivery demand seen for the August contract on COMEX. While August is a minor delivery month, this highlights that current speculative interest is not being matched by a strong appetite for immediate physical settlement via the futures exchange.

Risks and watchpoints

• Speculative vs. Physical Divergence: The key watchpoint is whether the bullish speculative positioning will translate into stronger physical demand for the upcoming active September contract, or if it will unwind in the face of tepid physical market signals.
• Off-Cycle Month Dynamics: August is a minor delivery month for Silver. The true test of physical market tightness will come as the September contract, a major delivery month, approaches its delivery period.
• Data Limitations: Without public warehouse stock data, delivery intentions are a primary but incomplete signal for physical market conditions. The majority of physical silver trading occurs outside the COMEX settlement process.