Silver Physical Market Brief: October 7, 2026

Executive summary

Physical delivery activity for Silver futures (SI) expanded notably on October 7, 2026, with daily delivery intentions rising to 330 contracts (1.65 million troy ounces across the 5,000-oz contract). This represents a marked acceleration compared to the prior four October sessions and lifts month-to-date (MTD) deliveries to 2,767 contracts. The uptick in physical deliveries coincided with the October 2026 contract settling under the $60 mark at $59.8990/oz, extending a multi-week retreat from the $64–$67 range recorded in late September. In the paper market, CFTC positioning reveals relatively subdued speculative net length, indicating that while specs are not aggressively bidding prices higher, physical stops continue to steadily absorb metal at current levels.

Delivery intentions (today + MTD context)

• Current Session (October 7, 2026):

  • Contracts Issued / Stopped: 330 contracts (100% matched) for the October 2026 COMEX 5000 Silver Futures contract.
  • Settlement Price: $59.8990 USD.
  • Delivery Date: October 9, 2026 (Intent Date: October 7, 2026).
  • MTD Cumulative: 2,767 contracts.

• Recent Historical Context & Pacing:

  • Today's 330 contracts represent the largest single-day delivery volume of the month so far, stepping up significantly from previous sessions: 114 contracts on October 6 (settlement $61.168), 125 contracts on October 5 ($60.869), 139 contracts on October 2 ($59.977), and 70 contracts on October 1 ($60.725).
  • The early October daily run rate of ~114–139 contracts had established a steady baseline following the heavy roll and expiration window at the end of September (which saw 755 intentions on September 29 and 497 on September 24). Today's volume confirms persistent commercial demand to take delivery as prices dipped below $60.00.

Warehouse stocks

CME COMEX warehouse stock data is null for this reporting period. The exchange feed does not provide eligible or registered warehouse inventory breakdowns in this run.

COT cross-check

According to the latest CFTC Commitments of Traders data (as of October 2, 2026):

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

Positioning vs. Physical Divergence: Managed money maintains only a modest net long stance (net length represents roughly 7.1% of total open interest), reflecting cautious paper positioning as prices broke down toward the $60 threshold. In contrast, physical turnover remains firm: buyers have stopped 2,767 contracts MTD without delivery failures or backlogs, indicating that physical demand remains engaged in absorbing available lots despite the absence of speculative momentum.

Risks and watchpoints

• Support at Sub-$60 Levels: Watch whether the acceleration in delivery takedown (330 contracts stopped today) provides physical price support or if further commercial selling pressure pushes prices deeper below $59.8990.
• Delivery Pacing Consistency: Monitor subsequent daily notices on SI to determine whether today's jump to 330 contracts is an isolated spike or the beginning of a second delivery wave for the October cycle.
• Inventory Visibility: With COMEX warehouse stock figures absent from current reporting, inventory drawdowns cannot be directly verified; watch for updates to confirm whether registered stocks are being depleted by these October stops.