Silver Inventories Plummet to Multi-Year Lows at COMEX and Shanghai Exchange

Silver Inventories Decline Sharply Across Global Trading Hubs

COMEX Silver Inventories

As of February 26, 360.64 million ounces of silver inventories were recorded on the Commodity Exchange, Inc. (COMEX), a decline of 1.21 million ounces or 0.33% from the previous day. This represents a 32% contraction from the approximately 532 million ounces recorded in October 2025.

Registered and Eligible Inventories

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Registered silver stocks, which are metal readily available for delivery, fell below the critical 90 million-ounce threshold to 86,130,399.161 ounces, down 0.18% on a day-on-day basis. Eligible inventories, which meet COMEX specifications but are not currently warranted for delivery, declined by 1.05 million ounces, or 0.38%, to 274,508,536.274 ounces.

SHFE Silver Inventories

On the Shanghai Futures Exchange (SHFE), silver available for delivery continued to trend lower. As of February 25, exchange inventories declined to 346.369 tonnes, compared with 355.830 tonnes a day earlier. Notably, silver stocks had dropped to 318.546 tonnes on February 9, the lowest level since 2015.

Historical Comparison

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SHFE silver inventories remain significantly below historical highs, with current stockpiles nearly 89% lower than the record peak of 3,091.112 tonnes recorded on January 12, 2021.

Silver Price Outlook

The Comex silver price is trading near $90 an ounce after retracing from highs above $121. The MCX silver rate today was above ₹2,75,000 per kg level. According to Ponmudi R, CEO of Enrich Money, the higher timeframe bullish structure remains intact for silver prices, and a sustained recovery above $92 – $96 levels may re-establish upward momentum toward $100 – $105.