Silver Physical Market Brief – October 2, 2026

Executive summary

Physical delivery activity for COMEX Silver (SI) saw an uptick on October 2, 2026, with 139 delivery notices issued and stopped, bringing the month-to-date (MTD) total to 2,198 contracts. Settlement prices dipped slightly below the $60 mark to $59.977/oz. In the paper market, CFTC positioning reveals managed money maintaining a moderate net long stance of 7,614 contracts against commercial net short positioning, reflecting steady physical absorption as prices consolidate around key psychological levels.

Delivery intentions (today + MTD context)

• Today’s notices (October 2, 2026):
  • Total issued / stopped: 139 contracts (all on the October 2026 COMEX 5000 Silver Futures contract).
  • Delivery date: October 6, 2026.
  • Settlement price: $59.9770 USD/oz.
• Month-to-date (MTD) accumulation:
  • Cumulative MTD delivery intentions stand at 2,198 contracts.
• Historical context & trend:
  • Delivery volume expanded today compared to the initial days of October (70 contracts on October 1 and 57 contracts on September 30).
  • This marks a continuation of the physical handoff following the heavy delivery roll seen at the end of September (which peaked at 755 contracts on September 29, dominated by Micro Silver deliveries, and concluded September delivery intentions at 6,773 contracts).
  • Settlements have adjusted lower over recent sessions, easing from $64.25–$66.97 in late September to $60.73 on October 1 and $59.98 on October 2.

Warehouse stocks

CME does not publish warehouse stock figures in this feed (data is null for this reporting date). Physical delivery flows remain the primary visible gauge of exchange-level inventory handoffs.

COT cross-check

• Total open interest: 107,047 contracts
• Managed Money:
  • Long: 16,886 contracts
  • Short: 9,272 contracts
  • Net positioning: +7,614 contracts (Net Long)
• Producer / Merchant:
  • Long: 5,032 contracts
  • Short: 21,544 contracts
  • Net positioning: -16,512 contracts (Net Short)

Divergence & Flow Assessment:
Managed money maintains a moderate net long exposure rather than an overextended speculative profile. Commercial participants remain net short, providing standard structural hedging against physical inventory. With physical deliveries steadily taking place into early October (2,198 MTD) and prices holding near $60.00/oz, physical demand is absorbing current delivery volumes without clear signs of speculative liquidation pressure.

Risks and watchpoints

• Price support near $60.00/oz: A sustained settlement below $59.977/oz could trigger stops in speculative managed money long positions (16,886 contracts).
• Delivery pace into mid-month: Monitor whether October delivery notices continue at the current ~100+ daily pace or taper off as the cycle matures.
• Micro vs. Standard contract delivery patterns: Observe whether physical delivery demand transitions primarily back to the standard 5,000-oz contract or continues to utilize micro contracts as seen late last month.