Silver Physical Market Brief: 2026-09-02

Executive summary

Physical delivery intentions for the September Silver contract continue at a strong pace, with the month-to-date total for the primary contract reaching 4,983 just two days into the delivery period. This robust demand for physical settlement aligns with the latest CFTC data, which shows money managers holding a significant net-long position. The key dynamic is strong physical offtake meeting bullish paper positioning.

Delivery intentions (today + MTD context)

On September 2, a total of 99 delivery notices were issued for COMEX Silver futures.

• Today's Activity:

  • COMEX 5000 Silver Futures (SI): 79 new contracts were issued.
  • Micro Silver Futures: 20 new contracts were issued.

• Month-to-Date (MTD) Context:

  • The September 2026 contract has seen substantial delivery volume since it became the active month.
  • The primary 5000 oz contract has a month-to-date total of 4,983 contracts issued for delivery. This follows a strong start with 666 contracts issued on September 1 and 408 on August 31.

Warehouse stocks

CME Group does not publish daily, consolidated warehouse stock levels for COMEX Silver in this data feed.

COT cross-check

The latest Commitment of Traders data (as of August 28, 2026) provides a useful cross-check against the physical market activity.

• Managed Money (Speculators): This group held a strong net-long position of 14,073 contracts (21,421 long vs. 7,348 short).
• Producers/Merchants (Commercials): This cohort held a large net-short position of 17,153 contracts (5,717 long vs. 22,870 short), typical of hedging activity.

The bullish speculative positioning from money managers is consistent with the high volume of physical delivery being demanded at the start of the September contract cycle.

Risks and watchpoints

• Sustained Delivery Pace: The primary watchpoint is whether the strong pace of deliveries for the September contract continues. A continuation would signal persistent and strong demand for physical metal.
• Positioning vs. Physical Flow: Any divergence between speculator positioning and physical offtake should be monitored. For example, if speculative net length were to decrease while physical deliveries remain high, it could suggest underlying physical strength that the paper market is overlooking.
• Open Interest Rolloff: As the September contract delivery period progresses, the rate at which open interest declines relative to the volume of deliveries will be a key indicator of how many positions are being settled physically versus being rolled forward or closed out. As of August 28, total open interest was 113,801 contracts.