Silver Physical Market Brief — October 13, 2026

Executive summary

Physical delivery activity on COMEX rebounded on October 13, 2026, with 120 delivery notices issued and stopped for the October 2026 5,000 oz contract at a settlement price of $59.161/oz. This follows two subdued sessions on October 9 (1 notice) and October 12 (4 notices), pushing cumulative month-to-date (MTD) deliveries to 3,250 contracts (16.25 million troy ounces). Concurrently, CFTC positioning reveals managed money holds a net long posture of 7,528 contracts, balanced against producer/merchant net hedging of -16,253 contracts.

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Delivery intentions (today + MTD context)

Physical delivery flows for COMEX Silver futures (SI) saw an uptick after a brief pause over the preceding sessions:

• Daily notices (October 13, 2026): 120 contracts issued and stopped, corresponding to 600,000 troy ounces of physical silver, scheduled for delivery on October 15, 2026.
• Contract & Settlement: October 2026 COMEX 5000 Silver Futures settled at $59.161/oz, softening from $60.141 on October 12 and $60.670 on October 9.
• MTD context: Cumulative deliveries reached 3,250 contracts.
• Recent delivery trend:
  • Oct 13: 120 issued / stopped (MTD: 3,250)
  • Oct 12: 4 issued / stopped (MTD: 3,130)
  • Oct 09: 1 issued / stopped (MTD: 3,126)
  • Oct 08: 358 issued / stopped (MTD: 3,125)
  • Oct 07: 330 issued / stopped (MTD: 2,767)
  • Oct 06: 114 issued / stopped (MTD: 2,437)

Delivery notices peaked earlier in the delivery period (with 358 contracts on Oct 8 and 330 contracts on Oct 7) before subsiding sharply. Today’s 120 notices confirm physical demand remains active as the contract progresses through its spot delivery month.

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Warehouse stocks

CME does not publish COMEX warehouse stocks data in this reporting feed; inventory figures for eligible and registered metal are currently unavailable.

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COT cross-check

The latest CFTC Commitments of Traders data (as of October 9, 2026) provides context on positioning relative to physical demand:

• Total Open Interest: 105,130 contracts
• Managed Money: Long 16,457 vs. Short 8,929 (Net Long: +7,528 contracts)
• Producer/Merchant: Long 4,411 vs. Short 20,664 (Net Short: -16,253 contracts)

Divergence assessment: Speculative positioning maintains a modest net long exposure (+7,528 contracts, or ~7.2% of open interest). The ongoing intake of physical deliveries (3,250 contracts MTD) indicates that delivery stoppers have maintained firm physical absorption even as settlement prices dipped below the $60.00/oz threshold from recent highs above $61.16 on October 6.

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Risks and watchpoints

• Delivery deceleration: If daily issuance patterns continue to moderate below 100 contracts per day, spot-month physical absorption may have concluded its primary wave, shifting market focus back to paper positioning in active forward contracts.
• Price action around $60.00/oz: Settlement prices have declined from $61.168 on October 6 to $59.161 on October 13; monitor whether price stabilization prompts additional physical demand or triggers managed money liquidation.
• Commercial short cover vs. hedging: Monitor whether commercial short exposure (-16,253 contracts) contracts as October delivery obligations are fully matched and transferred.