Silver Physical Market Brief — September 22, 2026

Executive summary

Physical delivery activity for Silver (SI) moderated on September 22, 2026, with 56 total delivery notices issued and stopped across standard and micro contracts, following a heavy volume of 402 notices the previous day. Month-to-date (MTD) cumulative deliveries for the primary September 2026 COMEX 5000 contract reached 6,311 contracts, reflecting steady physical settlement through the contract cycle. Settlement held at $65.932/oz, consistent with recent pricing levels, while speculative positioning shows net long alignment with physical off-take.

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Delivery intentions (today + MTD context)

• Daily Total (September 22, 2026): 56 contracts issued and stopped (delivery date September 24, 2026).
• September 2026 Micro Silver Futures:
  • Daily Issued / Stopped: 35 contracts
  • Settlement Price: $65.9320 USD
  • Month-to-Date Total: 1,115 contracts
• September 2026 COMEX 5000 Silver Futures:
  • Daily Issued / Stopped: 21 contracts
  • Settlement Price: $65.9320 USD
  • Month-to-Date Total: 6,311 contracts

Delivery Trend Context

Delivery notices have seen intermittent surges throughout the delivery period: * Major single-day delivery clusters occurred on September 1 (666 contracts), September 15 (551 contracts), and September 21 (402 contracts). * Total MTD COMEX 5000 deliveries advanced from 4,904 contracts at the start of September to 6,311 contracts as of September 22. * Settlement prices have traded within a $63.236 to $67.942 range over the month, settling at $65.932 on the current intent date.

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Warehouse stocks

• CME does not publish warehouse stocks for this metal in the provided reporting feed (data is null).

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COT cross-check

The latest CFTC Commitments of Traders data (as of September 18, 2026) shows: * 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)

Physical vs. Positioning Divergence: Speculative positioning remains net long without extreme overextension relative to total open interest (~19.5% gross long share). This moderate net-long stance aligns with ongoing, orderly physical deliveries (~6.3k contracts MTD) and steady commercial short absorption, signaling no immediate positioning-driven physical squeeze.

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Risks and watchpoints

• September Contract Expiration: As the active delivery month approaches its conclusion, monitor whether remaining open interest converts into physical delivery or rolls forward.
• Commercial Hedging Pressure: Heavy commercial net short exposure (22,066 contracts) indicates active producer hedging near the ~$66 price handle.
• Warehouse Data Visibility: The absence of reported inventory changes limits visibility into whether deliveries are being satisfied from eligible or registered stocks.