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Silver inventories on the Commodity Exchange, Inc. (COMEX) and the Shanghai Futures Exchange (SHFE) have declined sharply, reflecting sustained drawdowns across key global trading hubs.

Total COMEX silver inventories as of February 26 fell to 360.64 million ounces, a drop of 1.21 million ounces, or 0.33% from the previous day. This is a sharp fall of 32% from approximately 532 million ounces in October 2025.

As of February 26, total silver inventories at COMEX stood at 360.64 million ounces, marking a decline of 1.21 million ounces, or 0.33%, from the previous day. The latest figure represents a steep 32% contraction from the approximately 532 million ounces recorded in October 2025.

Registered silver stocks at COMEX — metal readily available for delivery — slipped below the critical 90 million-ounce threshold to 86,130,399.161 ounces, down 0.18% on a day-on-day basis. Meanwhile, eligible inventories fell by 1.05 million ounces, or 0.38%, to 274,508,536.274 ounces, according to official data.

Registered silver carries a warrant and is available for delivery against futures contracts, while eligible silver meets COMEX specifications but is not currently warranted for delivery.

On the Shanghai Futures Exchange (SHFE), silver available for delivery also continued to trend lower. Data from CEIC showed that exchange inventories declined to 346.369 tonnes as of February 25, 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.

SHFE silver inventories remain significantly below historical highs. Current stockpiles are nearly 89% lower than the record peak of 3,091.112 tonnes recorded on January 12, 2021, highlighting the substantial drawdown in China’s exchange-held silver inventories over the past several years.

Comex silver price is trading near $90 an ounce after retracing from highs above $121. 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.

“Industrial demand fundamentals and supply constraints continue to support the medium- to long-term outlook, though short-term volatility may persist,” he said.

For MCX silver price, he believes key structural support is positioned at ₹2,25,000 – ₹2,35,000, and a sustained hold above this zone could pave the way toward ₹3,00,000 – ₹3,25,000 in the medium term. A decisive break below support, however, may intensify short-term pressure.

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