A reported 10-hour CME halt in silver coincided with standing COMEX silver futures buy orders being canceled, and the next inventory datapoint that gained traction showed a double-digit million-ounce swing driven overwhelmingly by reclassification adjustments.
Observers are noting that the halt was allegedly made by the exchange, amplifying the core allegation that resting orders did not simply pause, they were removed.
Separately, the CME Group daily Metal Depository Statistics report for silver with activity date November 26 and report date November 28 became the numeric anchor for claims that physical tightness, delivery demand, or inventory stress was bleeding into futures.
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On totals, the report shows total registered silver falling to 138.3 million ounces from 150.2 million ounces, a net decline of about 7.96% of the prior total. The same line shows received at 556.7k ounces and a large adjustment of negative 12.5 million ounces, which mechanically explains why the end-of-day total still drops sharply despite positive “net change.”
Breaking down the adjustment, the biggest single line item on the report is JP Morgan Chase Bank, showing a registered adjustment of negative 13.4 million ounces paired with an eligible adjustment of the same amount, hence zeroing out the adjustment.
Into that data, a rumour circulating in Asia was relayed that a “large commodity trader” requested a “big physical delivery that put the CME in panic mode,” predicting the COMEX report would show a large registered outflow. The report does show a large registered decline, but the day’s ledger is heavily explained by the adjustment columns rather than withdrawals from registered.
A parallel thread in the notes points to China’s role in the same window. It was reported that in SHFE’s Friday night session, 156 lots of short positions, described as 2,340 kg, were forced liquidated at the limit-up price of 13,789 yuan, triggered by traders shorting into strength and failing to meet margin.
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