COMEX Silver 5000 oz.

Exchange Symbol SI QI
Chart (10 min.delay)  VIEW CHART  
Trading Months Mar, May, Jul, Sep, Dec (H, K, N, U, Z) Mar, May, Jul, Sep, Dec (H, K, N, U, Z)
Contract Size 5,000 troy ounces 2,500 troy ounces
Tick Size $0.005 per troy ounce ($25.00 per contract) (Settlement $0.001) $0.00125 per troy ounce ($31.25 per contract) (Settlement $0.001)
Daily Limits None None
Trading Hours

5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:20a.m. - 12:30p.m.) CST

5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:20a.m. - 12:30p.m.) CST

Last Trading Day Third last business day of the maturing delivery month Third last business day of the maturing delivery month
Value of One Futures Unit $5,000.00 $2,500.00
Value of One Options Unit $5,000.00 No
Margin Initial/Maintenance $3,960 / $3,600 VIEW CME MARGINS $1,980 / $1,800 VIEW CME MARGINS
Silver Futures Calendar VIEW CALENDAR  

+Info  Silver is a white, lustrous metallic element that conducts heat and electricity better than any other metal. In ancient times, many silver deposits were on or near the earth's surface. Before 2,500 BC, silver mines were worked in Asia Minor. Around 700 BC, ancient Greeks stamped a turtle on their first silver coins. Silver assumed a key role in the U.S. monetary system in 1792 when Congress based the currency on the silver dollar. However, the U.S. discontinued the use of silver in coinage in 1965. Today Mexico is the only country that uses silver in its circulating coinage.

Silver is the most malleable and ductile of all metals, apart from gold. Silver melts at about 962 degrees Celsius and boils at about 2212 degrees Celsius. Silver is not very chemically active, although tarnishing occurs when sulfur and sulfides attack silver, forming silver sulfide on the surface of the metal. Because silver is too soft in its pure form, a hardening agent, usually copper, is mixed into the silver. Copper is usually used as the hardening agent because it does not discolor the silver. The term "sterling silver" refers to silver that contains at least 925 parts of silver per thousand (92.5%) to 75 parts of copper (7.5%).

Silver is usually found combined with other elements in minerals and ores. In the U.S., silver is mined in conjunction with lead, copper, and zinc. In the U.S., Nevada, Idaho, Alaska, and Arizona are the leading silver-producing states. For industrial purposes, silver is used for photography, electrical appliances, glass, and as an antibacterial agent for the health industry.

Silver futures and options are traded at the CME Group and the London Metal Exchange (LME). Silver futures are traded on the Tokyo Commodity Exchange (TOCOM). The CME silver futures contract calls for the delivery of 5,000 troy ounces of silver (0.999 fineness) and is priced in terms of dollars and cents per troy ounce.

Prices - CME silver futures prices ( symbol SI) moved higher into April when they posted the high for 2017 at $18.66 an ounce. North Korean geopolitical concerns fueled safe-haven demand for precious metals after President Trump said he may consider military action against North Korea for its ballistic missile tests. Also, political risks in France from its presidential elections in April lent support to silver prices. Silver prices fell back into July when they posted a 1-3/4 year low at $15.15 an ounce as record high stock prices undercut safe-haven demand for precious metals. Also, slack inflation pressures reduced demand for precious metals as an inflation hedge after the U.S. June CPI rose by only +1.7% yr/yr, the smallest pace of increase in two years. Silver prices then turned higher and rallied into year-end as the dollar index tumbled to a 3-year low and on political unrest in Spain after separatists won elections in Catalan in December. Silver prices finished 2017 up +7.3% at $15.99 an ounce.

Supply - World mine production of silver in 2017 fell -2.7% yr/yr to 25,000 metric tons., down from the 2014 record high of 26,800 metric tons. The world's largest silver producers in 2017 were Mexico with 22.4% of world production, Peru with 18.0%, China with 10.0%, and Russia with 6.4%. U.S. production of refined silver in 2017 (annualized through October) fell by -16.0% to 5,503 metric tons, down from the 2011 record high of 6,375 metric tons.

Trade - U.S. exports of refined silver in 2014 fell -6.4% yr/yr to 12.313 million troy ounces, which is a little more than 1/10th of the record high of 99.022 million troy ounces seen in 1997. The major destinations for U.S. silver exports are Canada with 52.2% of the total exports, Singapore with 3.8%, UK with 1.8%, Germany with 1.1% and Switzerland with 1.0%. U.S. imports of silver ore and concentrates in 2014 were virtually zero. U.S. imports of refined silver bullion in 2014 rose +1.6% yr/yr to 125.385 million troy ounces. The bulk of those imports came from Mexico with 54.9%, Canada with 28.7%, and Peru with 2.0%.

Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the cmdty product line. Please visit cmdty for all of your commodity data needs.

Have a questions about trading Silver?

If you need a professional answer to any questions related to trading Silver Futures,
Silver Options or Silver Spreads - just post a question to our help forum.

Free Currency Futures and Options Brochures from CME Group

Here you will find self-study guides for hedgers, market fact sheets and introductions to futures and options trading. 

DISCLAIMER: The above information was drawn from sources believed to be reliable. Although it is believed that the information provided is accurate, no guarantee is made. ITG Futures assumes no responsibility for any errors or omissions.

ITG Futures Logo

ITG Capital Management, LLC (d.b.a ITG FUTURES) is an independent introducing broker|Registered CFTC|NFA Member. Our clearing partners are Clearing Members at CME, CBOT, COMEX, NYMEX, ICE-US, Eris Exchange, Eurex, and other commodity futures exchanges in Europe and Asia. 

Please read our Risk DisclosurePrivacy Policy, and GDRP Policy.

Contact Us

500 North Michigan Avenue
Suite 600
Chicago, IL 60611
Phone: (312) 279-8640
Fax: (312) 279-8641
08:30 - 17:30
10:00 - 14:00

Trading Platforms

Trading Platforms
Futures Exchanges
Futures | Options
Dedicated Support

This matter should be viewed as a solicitation to trade. Trading futures and options involve substantial risk of loss and are not suitable for all investors. Past performance is not necessarily indicative of future results. The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders. The high degree of leverage that is often obtainable in commodity interest trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains. ITG Capital Management, LLC (d.b.a. ITG Futures) is not affiliated with nor does it endorse any trading system, methodologies, newsletter or other similar services. We urge you to conduct your own due diligence.

Full Risk Disclosure | Privacy Policy / Legal | GDRP Policy

Copyright © 2019 · ITG FUTURES. All Rights Reserved.