Silver Physical Market Brief: 2026-09-15

Executive summary

Physical delivery intentions for the September Silver contract (SI) surged today, with 551 contracts issued, a significant acceleration from recent daily volumes. This brings the month-to-date total to a robust 5,979 contracts, signaling strong and persistent demand for physical settlement. While CME does not publish daily warehouse stock figures for silver, the delivery data points to a tight physical market. The latest CFTC data shows that Managed Money holds a significant net long position, which is currently in alignment with the strong physical offtake observed in the delivery data.

Delivery intentions (today + MTD context)

A total of 551 contracts were issued and stopped for delivery today, a sharp increase from the 119 contracts processed on the prior day. This marks the second-highest daily total for the September contract period so far, second only to the 666 contracts on September 1st.

• Today's Total: 551 contracts
  • September 2026 COMEX 5000 Silver Futures: 261 contracts
  • September 2026 Micro Silver Futures: 290 contracts
• Month-to-Date (MTD) Total: The cumulative delivery volume for the September contract now stands at 5,979 contracts.

This late-cycle acceleration in deliveries suggests continued strong demand for physical metal as the contract month progresses.

Warehouse stocks

CME Group does not publish daily COMEX-level warehouse stock data for Silver in this report. Analysis is therefore focused on delivery flows as the primary indicator of physical market tightness.

COT cross-check

The latest Commitments of Traders (COT) data, as of September 11, 2026, provides a useful cross-check against the physical market's signals.

• Managed Money (Speculators): Net long 14,386 contracts (21,148 long vs. 6,762 short).
• Producer/Merchant (Commercials): Net short 17,517 contracts (4,616 long vs. 22,133 short).

The significant net long position held by speculators is directionally consistent with the strong physical demand evidenced by the high volume of delivery intentions. There is no major divergence at this time; both paper and physical markets appear to be signaling bullish sentiment.

Risks and watchpoints

• Pace of Deliveries: The key watchpoint is whether this accelerated pace of deliveries continues through the remainder of the September contract. A sustained high volume would reinforce the narrative of a very tight physical market.
• Next COT Report: Monitor the next COT report to see if Managed Money adds to or reduces their net long exposure. A reduction in speculative length while physical deliveries remain high could create a potential divergence, suggesting paper market sentiment is weakening despite underlying physical strength.
• Open Interest vs. Deliveries: As the September contract nears expiry, the number of contracts delivered relative to the remaining open interest will be a critical measure of physical tightness. A high ratio of deliveries to open interest often precedes price strength.