Silver Physical Market Brief: October 1, 2026

Executive summary

Physical delivery activity for COMEX SI silver futures has transitioned into the October 2026 delivery cycle. On October 1, 2026, a total of 70 delivery notices were issued and stopped across standard and micro contracts at a settlement price of $60.725/oz. Delivery momentum has moderated following the large contract rollover at the end of September, which concluded the September 2026 5,000 oz contract cycle at 6,773 month-to-date (MTD) deliveries. While managed money positioning remains moderately net long, settlement prices have steadily retraced from late-August highs above $69.00/oz to current levels near $60.73/oz.

---

Delivery intentions (today + MTD context)

On October 1, 2026, COMEX reported the following delivery notices (delivery date October 5, 2026):

• October 2026 COMEX 5000 Silver Futures:
  • Daily Issued / Stopped: 65 contracts (representing 325,000 troy oz)
  • Settlement Price: $60.725 USD/oz
  • Month-to-Date (MTD): 2,059 contracts
• October 2026 Micro Silver Futures:
  • Daily Issued / Stopped: 5 contracts (representing 5,000 troy oz)
  • Settlement Price: $60.725 USD/oz
  • Month-to-Date (MTD): 770 contracts

Trend & Context

• Daily Flow: Total daily delivery notices increased slightly from 57 contracts on September 30 (37 standard, 20 micro) to 70 contracts today.
• Cycle Transition: Delivery volumes have normalized following the end-of-month surge on September 29, which registered 755 notices (driven by 745 micro silver notices).
• Preceding Month Baseline: The expired September 2026 5,000 oz contract concluded its run with an aggregate 6,773 deliveries, compared to the current October standard contract MTD baseline of 2,059 deliveries.

---

Warehouse stocks

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

---

COT cross-check

As of the latest CFTC Commitments of Traders (COT) report dated September 25, 2026:

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

Physical vs. Positioning Divergence: Managed money maintained a solid net-long stance (+13,309 contracts) heading into the October cycle. However, settlement prices declined from $64.25 on September 25 to $60.73 on October 1. The moderate pace of early October deliveries (70 notices today) indicates orderly contract roll-offs rather than aggressive physical standing or delivery bottlenecks at current price levels.

---

Risks and watchpoints

• Speculative Long Exposure: Managed money longs (19,303 contracts) face continued liquidation pressure if price support near the $60.00/oz threshold fails.
• Early-Month Physical Demand: Watch whether October 5000 deliveries accelerate past the initial 2,059 MTD base or continue at a subdued daily run rate (<100 contracts/day).
• Firm-Level Participation: Specific issuing and stopping clearing firms were not disclosed in the current feed; monitor upcoming reports for signs of concentrated commercial stopping.