Silver Physical Market Brief: 2026-09-11

Executive summary

Physical delivery demand for the September Silver contract remains steady, with 215 new delivery notices posted today. This brings the month-to-date total to 5,599 contracts, indicating consistent demand for physical metal through the COMEX delivery mechanism. This physical offtake is consistent with the net long positioning held by Managed Money, suggesting an alignment between paper positioning and physical demand.

Delivery intentions (today + MTD context)

For September 11, 2026, the COMEX reported the following delivery intentions for the active September contract: - Daily Activity: 215 contracts were issued and stopped, a slight increase from the 200 contracts reported on the prior day. - Month-to-Date (MTD): The total volume for the SEPTEMBER 2026 SI contract now stands at 5,599 contracts. - Trend: Delivery activity has been consistent throughout September, with daily volumes ranging from 31 to 666 contracts, supporting the view of steady physical demand.

Warehouse stocks

CME does not publish aggregated COMEX-level warehouse stock data for Silver in this report. Inventory levels at individual depositories must be monitored separately.

COT cross-check

The latest positioning data shows a clear divergence between speculative and commercial participants: - Managed Money: Speculators hold a significant net long position of +14,386 contracts (21,148 long vs. 6,762 short). - Producer/Merchant (Commercials): Commercials maintain a large net short position of -17,517 contracts (4,616 long vs. 22,133 short), which is typical for producers hedging their future output.

The net long stance of speculators is currently supported by the steady physical demand evidenced by the month's delivery volume. There is no major divergence between speculative sentiment and physical offtake at this time.

Risks and watchpoints

• Pace of Deliveries: The continued pace of deliveries for the September contract is a key indicator of immediate physical demand. A sharp acceleration or deceleration could signal a shift in the market's physical tightness.
• Contract Roll: As the September delivery period progresses, market participants will begin rolling their positions to the next active contract month. Watch for changes in open interest and spreads as this process unfolds.
• Positioning vs. Physical: While currently aligned, any breakdown in the relationship between strong speculative net length and physical delivery demand would be a notable watchpoint. A decline in deliveries while speculative longs increase could suggest a market increasingly driven by paper sentiment over physical fundamentals.