Silver Physical Market Brief: August 17, 2026

Executive summary

Physical delivery activity for the August Silver contract (SI) saw a notable pickup, with 86 contracts issued and stopped. This brings the month-to-date total to 1,554 contracts, indicating sustained demand for physical settlement. The latest CFTC data shows that Managed Money speculators maintain a net long position, which is consistent with the current trend of longs standing for delivery.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 86 contracts were issued and stopped for the AUGUST 2026 COMEX 5000 Silver Futures contract.
• Month-to-Date (MTD): The total for the current delivery month now stands at 1,554 contracts.
• Context: Today's volume of 86 contracts marks a significant increase from the single contract processed on August 13th, resuming a more active pace of deliveries seen earlier in the month (e.g., 150 contracts on August 3rd and 71 on August 4th). This steady flow of contracts being delivered underscores consistent physical demand through the futures market mechanism.

For a full breakdown, see the delivery intentions data stream.

Warehouse stocks

CME Group does not publish daily, detailed warehouse stock levels for COMEX Silver through this data feed. Analysis of physical tightness relies primarily on delivery intention notices.

COT cross-check

• Managed Money: As of August 14, 2026, Managed Money participants held a net long position of 11,158 contracts (19,956 long vs. 8,798 short).
• Commercials: Producer/Merchant accounts held a large net short position of -15,946 contracts, which is typical for this category.
• Analysis: The bullish net long positioning from speculative funds aligns with the ongoing demand for physical metal observed in the delivery reports. There is currently no significant divergence between speculative sentiment and physical market offtake.

For more detail, see the Commitment of Traders (COT) data stream.

Risks and watchpoints

• Pace of Delivery: The key watchpoint is whether the rate of delivery intentions continues at this pace or accelerates as the August contract nears expiration. A surge in 'stops' could signal increasing urgency for physical metal.
• Speculative Positioning: A significant shift in the Managed Money net position in subsequent COT reports could signal a change in market sentiment that may or may not be reflected in physical demand.
• Data Limitations: The absence of daily warehouse stock data means that delivery notices are the primary public gauge of physical tightness on the COMEX exchange.