Silver Physical Market Brief – September 23, 2026

Executive summary

• Delivery surge: Physical delivery notices for Silver (SI) accelerated sharply on September 23, with 615 contracts issued and stopped across standard and micro contracts.
• Month-to-date volume: Cumulative September deliveries reached 6,551 contracts, driven by late-cycle physical demand and contract rollover completions.
• Contract composition: Today's notices were led by the Micro Silver contract (375 contracts) alongside 240 full-sized COMEX 5,000 oz contracts.
• Paper vs. physical alignment: Active physical delivery absorption aligns with a net-long speculative profile (+13,124 contracts in Managed Money as of September 18), indicating underlying physical interest as prices consolidated to $64.382/oz.

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Delivery intentions (today + MTD context)

Delivery notices surged on September 23, marking the second-largest single-day delivery event of the month after September 1 (666 contracts):

Contract	Issued / Stopped	Intent Date	Delivery Date	Settlement Price	MTD Cumulative
SEPTEMBER 2026 MICRO SILVER FUTURES	375	2026-09-23	2026-09-25	$64.3820	1,490
SEPTEMBER 2026 COMEX 5000 SILVER FUTURES	240	2026-09-23	2026-09-25	$64.3820	6,551
Total	615				6,551

Historical context & trend

• Today’s 615 notices represent a major acceleration from September 22 (56 contracts) and build on the 402 contracts issued on September 21.
• Month-to-date deliveries have advanced from 4,904 contracts on September 1 to 6,551 contracts today.
• The large proportion of Micro Silver notices (375 contracts, representing 61.0% of today's total issued contracts) reflects sustained retail and smaller participant interest in taking direct physical allocation.

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Warehouse stocks

• CME warehouse stock data for COMEX Silver is not reported in this data feed.

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COT cross-check

As of the latest CFTC report (September 18, 2026):

• 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)

Positioning vs. Physical Flow: Speculative positioning remains net long (+13,124 contracts), accounting for roughly 19.5% of total open interest on the long side. The steady pace of deliveries throughout September (climbing past 6,500 total contracts) confirms that current speculative length is not operating in isolation from physical demand; physical buyers continue to stop delivery notices even as settlement prices have pulled back from early-September highs above $67.90/oz to $64.382/oz.

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Risks and watchpoints

• Micro contract delivery concentration: A high proportion of Micro Silver contracts (375 contracts today) indicates smaller-lot physical clearing, which can create localized settlement friction or rapid exhaustion as the delivery cycle concludes.
• Delivery cycle tapering: With total MTD deliveries reaching 6,551 contracts late in the September cycle, watch for a tapering off in delivery volumes heading into contract termination.
• Commercial hedge positioning: Commercial producers remain heavily net short (-17,354 contracts), which may cap sharp upside rallies if commercial selling pressure intensifies during delivery fulfillments.