Silver Physical Market Brief – September 25, 2026

Executive summary

Physical delivery activity in COMEX Silver (SI) moderated on September 25, 2026, with 104 total contracts issued and stopped for delivery on September 29, 2026. This brings month-to-date (MTD) cumulative deliveries for the September 2026 standard contract to 6,702 contracts. Settling at $64.2450 USD, delivery momentum slowed following heavy mid-week turnover (615 contracts on Sep 23 and 497 contracts on Sep 24). Speculative positioning remains net long without excessive crowding, indicating an orderly absorption of physical notices heading into month-end.

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Delivery intentions (today + MTD context)

Delivery notices recorded on September 25, 2026, were distributed across standard and micro contracts as follows:

• September 2026 COMEX 5000 Silver Futures:
  • Daily Intentions: 44 contracts issued / 44 stopped (Settlement: $64.2450 USD; Delivery Date: September 29, 2026).
  • Month-to-Date Total: 6,702 contracts.
• September 2026 Micro Silver Futures:
  • Daily Intentions: 60 contracts issued / 60 stopped (Settlement: $64.2450 USD; Delivery Date: September 29, 2026).
  • Month-to-Date Total: 1,940 contracts.

Historical Pace and Context

• Delivery Deceleration: Today's combined volume of 104 contracts reflects a natural taper from earlier delivery surges this month, including 666 contracts on September 1, 551 contracts on September 15, and a combined 1,112 contracts over September 23–24.
• Cumulative Volume: Total standard contract deliveries expanded from 4,904 MTD at the start of September to 6,702 MTD, demonstrating solid delivery demand throughout the September cycle.

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Warehouse stocks

CME does not publish warehouse stocks for this metal in the current data feed.

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COT cross-check

The latest CFTC Commitments of Traders (COT) report for Silver (as of September 25, 2026) shows:

• Total Open Interest: 106,474 contracts
• Managed Money Positioning: 19,303 long vs. 5,994 short (Net Long: +13,309 contracts)
• Commercial / Producer-Merchant: 4,047 long vs. 22,559 short (Net Short: -18,512 contracts)

Positioning vs. Physical Divergence: Speculative positioning remains moderately long, accounting for ~18.1% of total open interest on the long side. This net speculative length aligns with steady physical delivery intake (6,702 standard contracts MTD) without showing signs of speculative overheating or major positioning-physical divergence. Commercial short hedging has absorbed physical flows without prompting abnormal physical stress.

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Risks and watchpoints

• Cycle Roll & Expiration: With the September contract reaching its final delivery days, monitor whether residual delivery demand carries over into subsequent active contract months.
• Price Volatility at Delivery: Prices have consolidated around the $63.45–$65.93 range over the past week; shifts in prompt physical demand could test the $64.00 support level.
• Speculative Rebalancing: With managed money holding a net long position of 13,309 contracts, any sudden reduction in open interest could amplify price sensitivity during non-delivery roll windows.