Silver — Physical Delivery & Market Brief (2026-10-06)

Executive summary

Physical silver delivery activity on the COMEX platform remained steady into early October 2026, with 114 contracts (570,000 troy ounces equivalent for the 5,000 oz contract) issued and stopped on October 6, 2026, bringing the month-to-date (MTD) cumulative total to 2,437 contracts. Settlement prices for the active October 2026 contract settled higher at $61.168/oz, up from $60.869/oz on the previous session. Concurrently, positioning data indicates a moderate net-long managed money stance against sustained physical off-take following the large September contract cycle.

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Delivery intentions (today + MTD context)

Physical delivery notifications on COMEX for the SI complex showed steady absorption for early-cycle October deliveries:

• Today's Activity (Intent Date: 2026-10-06 | Delivery Date: 2026-10-08):
  • October 2026 COMEX 5000 Silver Futures: 114 contracts issued and stopped at a settlement price of $61.168 USD/oz.
  • Daily Total: 114 contracts issued / 114 stopped.
• Month-to-Date (MTD) Context:
  • Cumulative October deliveries stand at 2,437 contracts.
  • Daily delivery pace across recent sessions has maintained a stable clip:
  • 2026-10-05: 125 contracts issued/stopped (Settlement: $60.869 USD).
  • 2026-10-02: 139 contracts issued/stopped (Settlement: $59.977 USD).
  • 2026-10-01: 70 contracts issued/stopped (65 full-sized 5,000 oz contracts, 5 Micro Silver contracts; Settlement: $60.725 USD).
  • 2026-09-30: 57 contracts issued/stopped (37 full-sized, 20 Micro Silver; Settlement: $60.098 USD).
• Prior Month Comparison: The current October delivery volume follows the heavy September contract cycle, which peaked with large notices (e.g., 755 contracts across October/September deliveries on September 29 and 666 contracts on September 1), bringing September MTD totals to 6,773 contracts by month-end.

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Warehouse stocks

• CME does not publish COMEX warehouse stock data in this reporting feed for silver (warehouse_stocks: null).

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COT cross-check

The latest CFTC Commitments of Traders (COT) report (as of October 2, 2026) provides context on how paper positioning aligns with early-October physical delivery flow:

• Total Open Interest: 107,047 contracts.
• Managed Money (Speculators): Net long +7,614 contracts (16,886 long vs. 9,272 short).
• Producer/Merchant (Commercials): Net short -16,512 contracts (5,032 long vs. 21,544 short).

Positioning vs. Physical Divergence: While managed money maintains a moderately bullish net posture (+7,614 contracts), open interest remains relatively contained at 107,047 contracts. Commercial hedging remains substantial (-16,512 contracts net short) as producers manage physical supply into recent price strength above $60.00/oz. The continuous daily absorption of ~100–140 delivery notices in early October demonstrates consistent physical demand without signs of speculative blow-off in paper open interest.

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Risks and watchpoints

• Pace of Daily Delivery Stops: Watch whether daily delivery intentions for the October 2026 contract taper off below 100 contracts/day or maintain the current 100+ run rate, signaling stronger physical off-take.
• Price Support at the $60 Threshold: The October contract has climbed from $59.977 on October 2 to $61.168 on October 6 alongside consistent deliveries. A reversal below $60.00/oz could test speculative resolve.
• Commercial Hedging Flow: Monitor whether further price strength prompts expanded commercial gross short positioning beyond the current 21,544 contracts.