Silver Physical Market Brief: August 31, 2026

Executive summary

A significant surge in delivery intentions marked the end of the month, with 408 contracts for the September SI contract tendered for delivery. This suggests a strong start to the new delivery month and robust demand for physical metal. The month-to-date total for the September contract now stands at 4,238 contracts. This physical market strength is currently directionally aligned with positioning from Managed Money, which holds a notable net long position as of the latest reporting date.

Delivery intentions (today + MTD context)

On the COMEX, today's delivery activity was focused entirely on the new front-month contract. - Today's Intentions: A total of 408 contracts were issued and stopped for the SEPTEMBER 2026 COMEX 5000 SILVER FUTURES. This is a substantial increase from the 7 total contracts reported on the prior day (August 28), which were for the expiring August contracts. - Month-to-Date (MTD): The MTD total for the September contract now stands at 4,238 contracts. This level of early delivery demand indicates a strong desire by long position holders to take physical receipt of the metal.

For more detail, see the daily warehouse and delivery reports.

Warehouse stocks

CME Group does not publish daily warehouse stock movements for COMEX Silver in this data feed. Stock levels are a critical component of physical market analysis but are reported on a different schedule.

COT cross-check

The latest Commitment of Traders (COT) data from August 28 provides a useful cross-check against the physical market signals. - Managed Money: Speculative funds were net long 14,073 contracts (21,421 long vs. 7,348 short). - Commercials: Producers and Merchants were heavily net short by 17,153 contracts (5,717 long vs. 22,870 short). - Interpretation: The strong physical demand, evidenced by the 408 new delivery notices, aligns with the net long positioning held by Managed Money. There is currently no major divergence between speculative sentiment and physical offtake. The large commercial short position is typical of hedging activity but also reflects the supply side meeting this demand.

Risks and watchpoints

• Sustained Delivery Demand: The key watchpoint is whether this high level of delivery intention for the September SI contract continues. A sustained pace of deliveries would confirm physical market tightness.
• Positioning vs. Physical: While currently aligned, any significant reduction in the Managed Money net long position in upcoming COT reports, especially if physical deliveries remain strong, would signal a potential divergence between the paper and physical markets.
• Open Interest: With total open interest at 113,801 contracts, the 4,238 contracts stood for delivery MTD for the September contract represent a meaningful fraction of market participation, underscoring the relevance of physical settlement dynamics.