Silver Physical Market Brief: 2026-09-08

Executive summary

Physical delivery intentions for the active September Silver contract (SI) continue to taper off, with just 31 new contracts issued for delivery. However, the month-to-date (MTD) total remains substantial at 5,070 contracts, indicating that significant physical settlement occurred at the start of the delivery period. The latest Commitment of Traders (COT) data shows that managed money holds a considerable net long position, which aligns with the strong physical demand seen earlier in the month.

Delivery intentions (today + MTD context)

• Today's Activity (Sept 8): A total of 31 contracts were issued and stopped for the SEPTEMBER 2026 COMEX 5000 SILVER FUTURES.
• Month-to-Date (MTD): The cumulative delivery total for the September contract now stands at 5,070 contracts.
• Trend Context: Today's volume continues a cooling trend in delivery activity since the beginning of the month. Activity was much heavier on the first few days of the delivery period, with 666 contracts issued on September 1 and 408 on August 31. The current low daily volume suggests the bulk of the month's physical settlement may have already occurred.

Warehouse stocks

CME Group does not publish aggregated daily warehouse stock levels for COMEX Silver futures. Analysis must therefore rely on delivery intentions and other available data.

COT cross-check

The most recent COT data (as of September 4) shows a divergence between speculative and commercial positioning, which is typical for this market. - Managed Money: Speculators hold a significant net long position of 12,598 contracts (19,156 long vs. 6,558 short). - Commercials (Producer/Merchant): Commercials are heavily net short, as expected for producers hedging their future output. The strong net long positioning from managed money is consistent with the substantial physical demand evidenced by the high month-to-date delivery volume of over 5,000 contracts.

Risks and watchpoints

• Slowing Delivery Volume: The sharp drop in daily delivery notices from over 600 at the start of the month to just 31 today is a key watchpoint. A continuation of this trend would confirm that the main physical settlement activity for September is complete.
• Positioning Divergence: While speculative length is currently supported by physical offtake, a sustained lack of new delivery demand could challenge the bullish narrative. Any signs of managed money reducing their net long exposure could indicate a shift in sentiment.
• Data Limitations: The lack of public, aggregated warehouse stock data for COMEX Silver means that delivery notices are a primary, albeit incomplete, signal for physical market tightness.