Silver Physical Market Brief: October 5, 2026

Executive summary

Physical delivery activity for Silver (SI) continued at a steady pace into early October. On October 5, 2026, 125 delivery notices were issued and stopped for the October 2026 COMEX 5,000 oz contract at a settlement price of $60.869 USD/oz, lifting month-to-date (MTD) standard contract deliveries to 2,323 contracts. The sustained intake of deliveries in an interim month follows a heavy September delivery cycle (which closed with 6,773 standard contracts delivered) and coincides with Managed Money holding a net-long stance in the futures market.

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Delivery intentions (today + MTD context)

• Today's notices (October 5, 2026):
  • October 2026 COMEX 5000 Silver Futures: 125 contracts issued and stopped (equivalent to 625,000 troy ounces).
  • Settlement price: $60.869 USD/oz.
  • Delivery date: October 7, 2026.
• Month-to-date trajectory:
  • Cumulative deliveries for the October 2026 5,000 oz contract now stand at 2,323 contracts.
  • Daily delivery flows have remained active following the first notice period:
  • October 2, 2026: 139 contracts issued/stopped (settlement: $59.977 USD).
  • October 1, 2026: 65 standard contracts and 5 Micro Silver contracts issued/stopped (settlement: $60.725 USD).
  • September 30, 2026: 37 standard contracts and 20 Micro Silver contracts issued/stopped (settlement: $60.098 USD).
  • September 29, 2026: 745 October Micro Silver contracts issued/stopped alongside the final wrap-up of September contracts.
• Cycle comparison: Physical absorption remains solid as the market rotates out of the major September contract (which finished at 6,773 standard contracts and 1,945 micro contracts) into October commitments.

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Warehouse stocks

• CME warehouse stock data for Silver is not reported in this feed (null).

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COT cross-check

• CFTC positioning (as of October 2, 2026):
  • Total Open Interest: 107,047 contracts.
  • Managed Money: 16,886 long vs. 9,272 short (Net Long: +7,614 contracts).
  • Producer/Merchant: 5,032 long vs. 21,544 short (Net Short: -16,512 contracts).
• Physical vs. speculative alignment: Managed Money maintains a net-long exposure of 7,614 contracts, reflecting speculative support as prices hold near the $60.87 level. The ongoing willingness of commercial buyers to stop delivery notices (surpassing 2,300 standard contracts early in the delivery period) aligns with positive speculative sentiment, showing no immediate signs of physical delivery abandonment despite recent price pullbacks from late-August highs near $69.00.

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Risks and watchpoints

• Delivery deceleration: Monitor whether daily standard SI delivery intentions taper off toward mid-month or continue at triple-digit daily volumes.
• Price stability around $60.00: Settlement prices rebounded to $60.869 from the $59.977 dip on October 2; physical stopping behavior near the $60.00 threshold will indicate buyer resolve.
• Speculative positioning shifts: Watch for changes in Managed Money short interest (currently at 9,272 contracts) relative to overall open interest (107,047) in upcoming CFTC reporting windows.