Silver Physical Market & Positioning Brief — September 18, 2026

Executive summary

Physical delivery activity for Silver (SI) moderated on September 18, 2026, with 53 standard COMEX contracts issued and stopped, bringing the September month-to-date (MTD) total to 6,168 contracts. Following heavier delivery notices earlier in the delivery cycle (notably 551 total contracts on September 15 and 666 on September 1), pace is tapering into mid-month. Settlement prices have rallied from the low $63s on September 15 to $66.556 on September 18. Positioning data shows speculative traders net long (+13,124 contracts), aligning with robust physical off-take during the September contract delivery cycle.

Delivery intentions (today + MTD context)

• Current Day Activity (Intent Date: 2026-09-18):

  • Total Issued / Stopped: 53 contracts (100% match rate).
  • Delivery Date: September 22, 2026.
  • Contract: September 2026 COMEX 5000 Silver Futures.
  • Settlement Price: $66.556 USD.
  • Micro Silver Activity: 0 contracts reported today.

• Month-to-Date (MTD) Context:

  • Cumulative Deliveries: The standard contract reached an MTD total of 6,168 contracts (representing approximately 30.84 million troy ounces).
  • Pace & Trend: Daily delivery volume has slowed from mid-month spikes (120 contracts on Sept 17, 126 on Sept 16, and 551 on Sept 15), reflecting standard mid-to-late delivery cycle tapering.
  • Micro Silver Deliveries: Cumulative Micro Silver deliveries remain at 800 contracts MTD (last active on Sept 17 with 10 contracts issued/stopped).

Warehouse stocks

• CME does not publish COMEX warehouse stock figures in this feed for Silver.

COT cross-check

• Managed Money: 20,205 long vs. 7,081 short (Net Long: +13,124 contracts).
• Commercials (Producer/Merchant): 4,712 long vs. 22,066 short (Net Short: -17,354 contracts).
• Total Open Interest: 103,745 contracts.
• Positioning vs. Physical Divergence: There is no material divergence. Managed Money net length reflects the steady physical absorption seen in the 6,168 contracts stopped MTD. Commercial net short positioning is serving its standard role as the primary liquidity and hedging provider against strong delivery demand at elevated price levels ($66.556/oz).

Risks and watchpoints

• Delivery Cycle Exhaustion: As the September delivery window progresses past peak notices, reduced daily delivery flows could leave price action more susceptible to macro-driven futures positioning rather than physical tightness.
• Micro vs. Standard Ratio: Monitor whether stops in the Micro Silver contract resume, as retail/smaller physical participant activity slowed to zero on September 18.
• Commercial Hedging Overhead: Sizable commercial short exposure (22,066 contracts) could cap further price advances if spot prices test the $67.00–$68.00 resistance levels seen earlier in the cycle.