Asset Class Navigation

Silver Futures Contract Specs

Product Symbol SI
Venue CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 8:25 AM to 1:25 PM (7:25 AM to 12:25 PM CT)
Contract Size 5,000 troy ounces
Price Quotation U.S. Cents per troy ounce
Please note: Prices are disseminated in U.S. Dollars and Cents
Minimum Fluctuation Outright transactions including EFP: $0.005 per troy ounce. Straddle or spread transactions and settlement prices: $0.001 per troy ounce.
Termination of Trading Trading terminates on the third last business day of the delivery month.
Listed Contracts Trading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month.
Settlement Type Physical
Settlement Procedure Daily Silver Settlement Procedure (PDF)
Final Silver Settlement Procedure (PDF)
Delivery Period Delivery may take place on any business day beginning on the first business day of the delivery month or any subsequent business day of the delivery month, but not later than the last business day of the current delivery month.
Trading at Settlement (TAS) Trading at Settlement is allowed in the active contract month. The active contract months will be March, May, July, September and December. On any given date, TAS transactions will be allowed only in a single contract month. TAS transactions may be executed at the current day’s settlement price or at any valid price increment ten ticks higher or lower than the settlement price.
Grade and Quality Specifications Silver delivered under this contract shall assay to a minimum of 999 fineness.
Position Limits NYMEX Position Limits
Rulebook Chapter 112
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of COMEX.

About Silver

Silver's dual role as both a precious metal for investment as well as an industrial metal for commercial use makes our silver futures and options contracts invaluable financial instruments worldwide. Affected by mine production, industrial demand, and the general health of the world economy, the price of silver can be volatile beyond what many consider acceptable risk. CME Group COMEX Silver Futures contracts serve as a global benchmark that provides market users with:

  • Liquidity, ease of access and unparalleled price transparency via a central point of price information;
  • Risk management, mitigation of counterparty credit risk and CFTC oversight.

Things to know about the contracts:

  • Include full (5,000-oz.) and miNY (2,500-oz.) silver contracts.
  • Available on the CME Globex electronic trading platform, on the trading floor in New York and for over-the-counter (OTC) clearing through CME ClearPort.
  • Trade a combined average daily volume of more than 57,000 contracts.
  • List for 60 months forward, enabling the establishment of a forward price curve.
  • Approved depositories for the storage of silver deliverable against COMEX Silver Futures contracts include Brinks Inc., HSBC, Bank USA, Manfra Tordella & Brookes Inc., Scotia-Mocatta, Delaware Depository Service Company and J.P. Morgan Chase.
  • Price may be managed separately from physical supply.

Read more about Silver Futures and Options