Banks Plan Record Silver Delivery in US as Tariff Bets Close Out

Banks including Macquarie Group Ltd and Bank of Montreal will deliver a record amount of silver against futures contracts in New York on Thursday, as traders look to close out arbitrage wagers sparked by tariff fears.

Traders issued notice that they would physically deliver more than 58 million troy ounces of silver against May futures contracts on New York’s Comex exchange, the biggest single day of deliveries since 1995. At Wednesday’s prices, those shipments were worth more than $1.8 billion. Copper deliveries also surged to an eight year high.

Silver and copper futures in New York surged well above ...