Silver Physical Market Brief: August 26, 2026

Executive summary

A significant late-month surge in delivery intentions for the August SI contract signals robust demand for physical metal. A total of 109 contracts were put on notice today, a sharp increase from the quiet activity seen in recent sessions. This uptick in physical demand aligns with the net-long positioning held by Managed Money, suggesting speculative sentiment is currently supported by physical market tightness.

Delivery intentions (today + MTD context)

Intentions to deliver against the August 2026 futures contracts saw a major increase, with a total of 109 contracts issued and stopped. This is a notable acceleration compared to just 1 contract yesterday and 40 contracts on August 24th.

• Today's Total: 109 contracts
  • COMEX 5000 Silver Futures (SI): 104 contracts
  • Micro Silver Futures: 5 contracts
• Month-to-Date (MTD): The total for the August contract month now stands at 1,752 contracts.

This late-cycle demand for delivery suggests a strong desire among longs to take possession of the physical metal rather than rolling their positions forward.

Warehouse stocks

CME Group does not publish COMEX-level warehouse stock data for Silver or Gold. Physical inventory levels must be inferred from delivery patterns and other market data.

COT cross-check

The most recent Commitments of Traders (COT) data, as of August 21, 2026, shows a divergence between speculators and commercial hedgers that aligns with the current physical market tightness.

• Managed Money (Speculators): Net long 11,695 contracts (19,533 long vs. 7,838 short). This bullish positioning is consistent with the strong demand for physical delivery.
• Producers/Merchants (Commercials): Net short 16,087 contracts (5,735 long vs. 21,822 short). This large net-short position reflects significant hedging activity by producers and industrial users.

The strong physical demand, evidenced by the rising delivery intentions, supports the bullish speculative positioning and suggests that commercial shorts are facing real offtake from the market.

Risks and watchpoints

• End-of-Month Activity: Watch for continued delivery notices in the final days of the August contract. Sustained high volumes could signal a tightening physical market.
• September Roll: Silver has major delivery months in March, May, July, September, and December. The strength seen in a minor month like August could foreshadow significant activity for the upcoming September contract.
• Positioning Shifts: The next COT report will be critical to see if the recent physical market activity has prompted further buying from speculators or short-covering from commercials.