Silver Physical Delivery & Market Brief: September 24, 2026

Executive summary

Physical delivery activity for COMEX Silver (SI) remained active into late September, with 497 total delivery notices issued and stopped on September 24, 2026. This brings month-to-date (MTD) deliveries on the primary contract to 6,658 contracts. Physical settlement prices eased to $63.457/oz, continuing a mild pullback from the mid-$66/oz level seen earlier in the month. Concurrently, positioning data shows speculative interest firmly net long, providing paper-market support that aligns with sustained physical delivery demand.

---

Delivery intentions (today + MTD context)

Physical delivery notices for September 24, 2026, totaled 497 contracts across standard and micro contracts (delivery date: September 28, 2026):

• September 2026 COMEX 5,000 oz Silver Futures (SI):
  • Daily Issued / Stopped: 107 contracts
  • Month-to-Date Total: 6,658 contracts
  • Settlement Price: $63.4570 USD
• September 2026 Micro Silver Futures:
  • Daily Issued / Stopped: 390 contracts
  • Month-to-Date Total: 1,880 contracts
  • Settlement Price: $63.4570 USD

Trend context

• Pace of Deliveries: Following a high-volume intake of 615 contracts on September 23, delivery volume stayed elevated at 497 contracts today, led primarily by Micro Silver contracts (390 notices).
• Price Movement: Settlement prices have moderated over the past week, declining from $65.932 on September 22 and $64.382 on September 23 to $63.457 on September 24. Despite lower settlement levels, buyers continue to take delivery without noticeable physical-side hesitation.

---

Warehouse stocks

• CME warehouse stocks data is not published in this feed for Silver.

---

COT cross-check

The latest CFTC Commitments of Traders (COT) report (as of September 18, 2026) highlights:

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

Physical vs. Positioning Alignment: Managed Money maintains a solid net-long posture (longs outnumber shorts nearly 3:1), which aligns with the robust physical demand reflected in the 6,658 MTD deliveries. Commercial short positioning remains standard for physical producers and merchants hedging inventory against the elevated delivery volume.

---

Risks and watchpoints

• Late-Month Expiry Dynamics: As the September delivery cycle winds down, watch whether the remaining open delivery notices clear smoothly or if delivery momentum sharply tapers into month-end.
• Micro vs. Standard Ratio: Micro Silver has accounted for a disproportionately large share of recent daily delivery notices (390 of 497 notices on September 24), indicating active participation from smaller physical market participants.
• Price Support Levels: Monitor whether physical buyers continue stopping contracts if settlement prices break lower toward the $62–$63/oz zone.