Silver Physical Market Brief: September 3, 2026

Executive summary

Physical delivery activity for the September Silver contract (SI) continues at a robust pace. An additional 189 contracts were marked for delivery today, bringing the month-to-date total to 5,032 contracts. This strong physical offtake is consistent with the latest Commitments of Traders data, which showed speculative funds (Managed Money) holding a significant net long position heading into the delivery period. Currently, paper positioning and physical market flows appear to be aligned.

Delivery intentions (today + MTD context)

• Today's Activity: A total of 189 delivery intentions were issued and stopped for September 3.
  • COMEX 5000 Silver Futures: 49 contracts
  • Micro Silver Futures: 140 contracts
• Month-to-Date (MTD) Trend: The September delivery cycle continues to show significant volume.
  • The cumulative total for the month now stands at 5,032 contracts.
  • This is a steady increase from 4,983 contracts reported yesterday (September 2) and 4,904 contracts the day prior (September 1).

For a detailed breakdown, see the Warehouse and Delivery data stream.

Warehouse stocks

CME Group does not publish daily warehouse stock levels for individual COMEX Silver or Gold depositories. Therefore, direct analysis of warehouse inflows or outflows is not possible from this data set.

COT cross-check

This cross-check compares physical market flows with the most recent CFTC futures positioning data (as of August 28, 2026). - Managed Money: Speculators held a net long position of 14,073 contracts (21,421 long vs. 7,348 short). - Producers/Merchants: Commercials held a net short position of -17,153 contracts, which is typical for hedging activity. - Interpretation: The net long positioning by Managed Money suggests speculators were positioned for price appreciation leading into the current delivery month. This is consistent with the strong physical demand demonstrated by the over 5,000 contracts taken for delivery so far. At present, there is no significant divergence between speculative positioning and physical market offtake.

Risks and watchpoints

• Pace of Deliveries: The primary watchpoint is whether the strong pace of September deliveries continues throughout the month. A sudden drop-off could signal a weakening of immediate physical demand.
• Positioning vs. Physicals: Monitor upcoming COT reports to see if Managed Money maintains its net long exposure. A rapid unwind of speculative long positions while physical delivery remains strong would create a notable divergence, potentially indicating a disconnect between paper and physical markets.