Silver Physical Market Brief: 2026-09-14

Executive summary

Physical delivery activity for the active September Silver contract continues at a solid pace, though today's volume has moderated from recent sessions. The month-to-date total has reached a substantial 5,718 contracts, signaling consistent demand for physical metal this cycle. Speculative positioning via the latest COT report remains net long, showing an alignment between financial market sentiment and the ongoing demand for physical settlement.

Delivery intentions (today + MTD context)

• Today's Activity: For the SEPTEMBER 2026 COMEX 5000 Silver Futures, a total of 119 contracts were issued for delivery, with an equal number stopped (taken for delivery).
• Month-to-Date (MTD): This activity brings the total for the September delivery month to 5,718 contracts.
• Recent Trend: Today's volume of 119 contracts represents a slowdown from the previous two reporting days, which saw 215 contracts (Sep 11) and 200 contracts (Sep 10). This may indicate that the bulk of the month's delivery activity is concluding, though the overall monthly total remains strong.

Warehouse stocks

CME Group does not publish consolidated public warehouse stock levels for COMEX Silver. Analysis of physical tightness relies on delivery data and other market sources.

COT cross-check

• Speculative Stance: The latest data as of September 11 shows that Managed Money participants hold a net long position of 14,386 contracts (21,148 long vs. 6,762 short).
• Positioning vs. Physicals: This bullish paper positioning is consistent with the strong physical demand observed in the delivery market, where over 5,700 contracts have been settled physically this month. At present, there is no major divergence between the direction of speculative bets and the flow of physical metal.

Risks and watchpoints

• End-of-Month Delivery Pace: The key watchpoint is whether the pace of deliveries continues to taper off or if there is a final surge of activity before the September contract expires.
• Speculative Unwind: The significant net long position held by funds could be a source of volatility. A rapid liquidation of these positions could pressure prices, potentially impacting the economics for those standing for delivery.
• Forward Demand: Market participants will be watching closely to see if the robust demand for physical settlement carries over into the next active delivery month.