Silver Physical Market Brief: September 29, 2026

Executive summary

Physical delivery activity for COMEX silver futures (SI) saw a noticeable transition on September 29, 2026, with a daily total of 755 contracts issued and stopped. The activity was heavily concentrated in the newly active October 2026 Micro Silver Futures contract, accounting for 745 of the day's notices as the market transitions away from the expiring September cycle. Month-to-date (MTD) cumulative delivery intentions for the flagship September COMEX 5000 contract stand at 6,773 contracts. Concurrently, settlement prices have softened toward $60.67–$61.22 USD, down from price levels above $67.00 USD observed earlier in September.

Delivery intentions (today + MTD context)

A total of 755 delivery notices were issued and stopped on September 29, 2026:

• October 2026 Micro Silver Futures: 745 contracts issued and stopped (settlement: $60.6680 USD; delivery date: 2026-10-01). This brings the October Micro contract MTD total to 745 contracts.
• September 2026 Micro Silver Futures: 5 contracts issued and stopped (settlement: $61.2200 USD; delivery date: 2026-09-30), bringing its MTD total to 1,945 contracts.
• September 2026 COMEX 5000 Silver Futures: 5 contracts issued and stopped (settlement: $61.2200 USD; delivery date: 2026-09-30), bringing its MTD total to 6,773 contracts.
• October 2026 COMEX 5000 Silver Futures: 0 contracts issued today (settlement: $60.6680 USD; delivery date: 2026-10-01), with an MTD cumulative total of 1,957 contracts.

Delivery Trend Context

Physical delivery notices tapered off in the expiring September 5000-oz contract after peak volume earlier in the month (including 666 notices on September 1 and 240 notices on September 23). Today's volume confirms that physical delivery interest is now rotating directly into the October Micro contract.

Warehouse stocks

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

COT cross-check

According to the CFTC Commitments of Traders (COT) report as of September 25, 2026:

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

Positioning vs. Physical Divergence: Managed Money maintains a strong net-long stance (+13,309 contracts), but settlement prices have faced downward pressure, retreating from the $66.00–$67.94 USD range mid-month to $60.67 USD on October prompt delivery contracts. Heavy commercial short positioning (-18,512 contracts) reflects steady producer hedging and willingness to satisfy physical delivery demand into the prompt cycles.

Risks and watchpoints

• Micro vs. Standard Contract Flow: Monitor whether physical absorption in October shifts from Micro Silver contracts to the standard SI 5000-oz contract or if demand remains dispersed.
• Price Support at Lower Settlement Bands: Watch whether delivery stops continue clearing smoothly near the $60.00–$61.00 USD zone as the front-month roll finishes.
• Speculative Liquidation Risk: If physical demand fails to absorb commercial delivery tenders at current levels, speculative long positions may face further unwinding pressure.