Silver Physical Market Brief: September 10, 2026

Executive summary

Physical delivery demand for the September Silver contract remains robust, with the month-to-date total now exceeding 5,300 contracts. This sustained physical offtake contrasts with speculative positioning from the last reporting date, which showed a moderately net-long stance from Managed Money. The key divergence to watch is whether the strong physical demand seen in the delivery reports translates into more aggressive long positioning in upcoming futures data.

Delivery intentions (today + MTD context)

For September 10, 2026, another 200 delivery notices were issued and stopped for the SEPTEMBER 2026 COMEX 5000 Silver Futures contract.

• Today's Intentions: 200 contracts
• Month-to-Date (MTD) Total: 5,384 contracts
• Recent Trend: Today's volume is substantial, though down from the 314 contracts reported yesterday (September 9). The delivery cycle for the September contract began strongly, with 666 notices on September 1 and 408 on August 31. The consistent daily flow of delivery intentions points to significant demand for physical settlement early in the contract month.

For more detail, see the full delivery and warehouse data.

Warehouse stocks

CME/COMEX does not publish detailed, daily warehouse-level stock reports for Silver in the same manner as for other metals. Therefore, delivery intentions are the primary data source for tracking physical market tightness on the exchange.

COT cross-check

The most recent COT report (as of September 4, 2026) provides a positioning snapshot to compare against the physical flow:

• Managed Money: Net long 12,598 contracts (19,156 long vs. 6,558 short).
• Producers/Merchants (Commercials): Net short 16,675 contracts (5,168 long vs. 21,843 short).
• Open Interest: 104,362 contracts.

The physical delivery data, with 5,384 contracts already filed for September delivery, suggests strong physical demand. This is happening while Managed Money holds a net long position that is positive but not at an extreme, suggesting that speculative enthusiasm has not yet fully matched the strength seen in the physical settlement process.

Risks and watchpoints

• Sustained Delivery Pace: The primary watchpoint is the continuation of strong delivery volumes. If the pace of over 100-200 contracts per day continues, it would reinforce the theme of a tight physical market.
• Positioning vs. Physical Divergence: The current physical offtake appears more aggressive than the speculative net length would suggest. Watch the next COT report for signs of speculators increasing their long exposure in response to physical market signals.
• Information Gap: The lack of public COMEX warehouse stock data for silver remains a significant analytical challenge. It obscures the total amount of deliverable supply available to meet futures obligations, making delivery intention data the most critical, albeit incomplete, indicator.