Silver Physical Market Brief – September 21, 2026

Executive summary

Physical delivery activity in Silver (SI) saw a sharp rebound on September 21, 2026, with 402 total contracts issued and stopped, up significantly from 53 contracts in the prior session. This brings month-to-date (MTD) cumulative deliveries for the September 2026 COMEX 5000 contract to 6,290 contracts, while the Micro Silver contract reached 1,080 contracts MTD. Both contracts settled at $65.825 USD. Speculative positioning remains net long (+13,124 contracts) alongside active physical uptake, indicating steady physical demand as the contract cycle matures.

---

Delivery intentions (today + MTD context)

Delivery notices picked up notably following moderate mid-month activity:

• Daily Total (September 21, 2026): 402 contracts issued and stopped (Delivery Date: September 23, 2026; Settlement: $65.825 USD).
  • September 2026 Micro Silver Futures: 280 contracts issued/stopped (MTD total: 1,080 contracts).
  • September 2026 COMEX 5000 Silver Futures: 122 contracts issued/stopped (MTD total: 6,290 contracts).
• Recent Trend & MTD Trajectory:
  • September 18: 53 contracts issued/stopped (COMEX 5000 only; settlement $66.556).
  • September 17: 120 contracts issued/stopped (110 COMEX 5000, 10 Micro; settlement $65.470).
  • September 16: 126 contracts issued/stopped (26 COMEX 5000, 100 Micro; settlement $64.288).
  • September 15: 551 contracts issued/stopped (261 COMEX 5000, 290 Micro; settlement $63.236).
• Month-to-Date Pace: After opening the month with heavy front-loaded volume (666 contracts on September 1), delivery momentum remains steady, with Micro Silver contracts accounting for an increasing share of daily retail and smaller-scale physical settlement.

---

Warehouse stocks

• COMEX Warehouse Stocks: Data is not available (null) in the current reporting feed. The exchange feed does not publish active stock level changes in this series.

---

COT cross-check

According to the CFTC Commitments of Traders (COT) report as of September 18, 2026:

• Total Open Interest: 103,745 contracts
• Managed Money: 20,205 long vs. 7,081 short (Net Long: +13,124 contracts)
• Producer/Merchant: 4,712 long vs. 22,066 short (Net Short: -17,354 contracts)

Divergence Analysis: Managed Money net long positioning remains moderately constructive (+13,124 contracts) rather than overextended, aligning well with steady physical absorption. Commercial players maintain a typical net short hedge against physical inventory. The ongoing conversion of futures into physical delivery (6,290 MTD standard contracts) confirms that current price levels near $65.80–$66.50/oz are finding legitimate physical absorption rather than relying solely on speculative paper flows.

---

Risks and watchpoints

• Late-Month Delivery Tapering: As the September delivery cycle enters its final week, physical issuance typically thins out. A failure of physical demand to sustain into October contract rolls could expose spot prices to near-term positioning pullbacks.
• Micro vs. Standard Ratio: The surge in Micro Silver delivery intentions (280 today vs. 122 standard contracts) suggests heightened activity among smaller accounts taking or making delivery.
• Price Volatility around $65–$66: Silver settlement has traded between $63.236 and $67.942 throughout September. Continued physical stops above $65.00 provide support, but any liquidation in Managed Money long positions could test commercial appetite.