Silver Physical Market Brief: August 25, 2026

Executive summary

Physical delivery activity for the August Silver contract has slowed to a trickle, with just one new contract intention reported today. Month-to-date deliveries remain steady at 1,648 contracts. The lack of available COMEX warehouse data remains a key information gap for physical market analysis. Speculative positioning via the latest COT report shows Managed Money remains significantly net long, a stance that contrasts with the diminishing physical delivery demand for the expiring August contract.

Delivery intentions (today + MTD context)

Delivery intentions for the August 2026 SI contract have nearly ceased as the delivery period winds down. * Today's Activity (Aug 25): A single contract was issued and stopped, a significant slowdown from the 40 contracts transacted on the prior day (Aug 24). * Month-to-Date (MTD): The total for the August delivery month now stands at 1,648 contracts. * Context: The minimal daily activity is typical for a contract nearing its expiration. The bulk of the month's deliveries occurred earlier in August.

For more detail, see the full delivery and warehouse data stream.

Warehouse stocks

CME does not publish detailed, publicly-available warehouse stock levels for COMEX Silver futures. Analysis must rely on delivery intentions as the primary indicator of physical settlement demand.

COT cross-check

The latest Commitments of Traders data (as of August 21, 2026) provides a check on speculative versus physical flows. * Managed Money: Speculators maintain a notable net long position of +11,695 contracts (19,533 long vs. 7,838 short). * Commercials: Producers and Merchants hold a large net short position of -16,087 contracts (5,735 long vs. 21,822 short), consistent with hedging activity. * Divergence: The strong net long positioning from Managed Money appears disconnected from the current physical market, where demand for immediate delivery via the August contract has dwindled. This suggests speculative sentiment is not being validated by a late-month surge in physical offtake.

Risks and watchpoints

• End-of-Month Slowdown: The current low volume of deliveries is normal for an expiring contract. The key indicator will be the volume of deliveries on First Notice Day for the next active contract month to gauge forward physical demand.
• Speculative vs. Physical Disconnect: The significant net long position held by speculators contrasts with the quiet end-of-month physical market. If this speculative length does not translate into a willingness to take delivery in upcoming months, it could represent a headwind for prices.
• Open Interest: Total open interest stood at 120,117 contracts as of August 21. Monitoring how this figure evolves into the next delivery cycle will be crucial for determining whether long positions are being rolled forward or closed out.