Silver Physical Market Brief: 2026-09-09

Executive summary

Physical delivery demand for the September Silver contract saw a significant uptick, with 314 notices filed for delivery. This marks a sharp increase from the 31 contracts seen in the prior session and is the second-largest daily total for the month so far. The month-to-date delivery volume now stands at a robust 5,184 contracts. This physical offtake is occurring against a backdrop of net-long positioning from managed money, suggesting speculative sentiment is aligned with the current strong demand for physical settlement.

Delivery intentions (today + MTD context)

Delivery notices for SI futures saw a notable increase, signaling firm demand for physical metal as the September contract cycle progresses.

• Today's Activity: A total of 314 contracts were issued and stopped for delivery on September 9.
  • SEPTEMBER 2026 COMEX 5000 SILVER FUTURES: 114 contracts
  • SEPTEMBER 2026 MICRO SILVER FUTURES: 200 contracts
• Month-to-Date (MTD): The total for the September delivery period has now reached 5,184 contracts.
• Trend: Today's volume of 314 contracts is a significant acceleration from the 31 contracts filed on September 8 and the 47 filed on September 4. The delivery period started strong with 666 notices on September 1, and the latest activity suggests demand remains strong well into the month.

Warehouse stocks

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

COT cross-check

The latest available CFTC positioning data, as of September 4, provides context for the physical market activity.

• Managed Money: Speculators held a clear net-long position, with 19,156 long contracts against 6,558 short contracts. This bullish posture aligns with the strong physical demand evidenced by the 5,184 delivery notices filed so far for the September contract.
• Commercials: Producers and Merchants held a significant net-short position (5,168 long vs. 21,843 short), which is typical hedging behavior but also underscores the large number of contracts being made available for delivery by producers.

Risks and watchpoints

• Sustained Delivery Demand: The key watchpoint is whether the high volume of delivery notices continues through the remainder of the September delivery period. A sustained pace would reinforce the view of a tight physical market.
• Open Interest vs. Delivery: Monitoring the remaining open interest in the front-month contract versus the cumulative delivery volume will be critical. A high ratio of deliveries to open interest can often precede price volatility.
• Rollover Activity: As the September contract nears expiration, tracking the spread and volume shifts to the next active contract month will provide clues about forward-looking sentiment.