Comex

Silver’s byproduct-heavy supply chain is drawing renewed attention after global lead and zinc mine production fell in the first half of 2026. The pressure supports the bullish supply argument, but comfortable Western inventories show the physical market has not yet tightened visibly.

Binance has launched European style options tied to gold and silver through its ADGM regulated Nest Exchange, with settlement in USDT. The move follows strong demand for its metals perpetual futures, including peak daily volumes of $7.77 billion for gold and $7.27 billion for silver.

COMEX registered silver has climbed as metal is reclassified for delivery, giving Western traders a looser inventory signal. In Shanghai, however, buyers are paying a steep premium, suggesting physical tightness has shifted east rather than vanished.