COMEX Silver Futures and Options Trading

Free Silver Futures Trading Guide

Silver Futures News

Comex Silver Futures & Options TradingMetals Brochure (PDF)

Metals Product Brochure for Active Individual Traders

Metals Update - Monthly

Options Strategy Guide for Metals Products

silver futures options

 

 

 

 

COMEX SILVER FUTURES

 

Silver futures are hedging tools for commercial producers and users of silver. They also provide global price discovery and opportunities for portfolio diversification. In addition, they offer:

 

  • Trading opportunities based on expectations of directional price, spread movement or volatility
  • Access to a highly liquid metals market
  • The benefits of central clearing, including guaranteed counterparty credit and segregation of customer funds
  • Price transparency, giving all market participants equal access while maintaining anonymity in all bids and offers

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.

Things to know about the contracts:

  • Physically delivered
  • Block-trade eligible
  • Can be traded off-exchange for clearing only through CME ClearPort

About Silver futures

Silver has attracted people’s interest for thousands of years. In ancient times, silver deposits were plentiful on or near the earth's surface. Relics of ancient civilizations include jewelry, religious artifacts, and food vessels formed from the durable, malleable metal.

In 1792, silver assumed a key role in the United States monetary system when Congress based the currency on the silver dollar, and its fixed relationship to gold. Silver was used for the nation's coinage until its use was discontinued in 1965.

Newly mined metal provides most of the needed supply, and Mexico, the United States, and Peru are the primary producers. Secondary silver sources include coin melt, scrap recovery, and dishoarding from countries where export is restricted. Secondary sources are particularly price sensitive.

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 

Silver options are financial tools that offer the right but not the obligation to buy or sell a Silver futures contract at a specified strike price.

Silver Options

Underlying Futures Silver Futures (SI)

Product Symbol SO

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 a.m. – 1:25 p.m. (7:25 a.m. – 12:25 p.m. CT)

Contract Unit One COMEX Silver futures contract

Price Quotation U.S. cents per troy ounce.

Please note: Prices are disseminated in U.S. Dollars and Cents

Option Style American

Minimum Fluctuation $0.001 per troy ounce

Expiration of Trading Expiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.

Listed Contracts Trading is conducted in (a) the nearest five of the following contract months: March, May, July, September, and December and (b) the nearest January, February, April, June, August, October, and November such that a total of six consecutive calendar months from and including the current listed futures contract month are listed at all times and (c) any July and December during a 60 month period from and including the current listed contract month.

Strike Prices Forty (40) strike prices in $0.25 increments above and below the at-the-money strike price will be listed. If the underlying futures price is less than $10.00 per ounce, ten (10) strike prices in increments of $0.10 above or below the at-the-money strike price will be listed in addition to the $0.25 increment strikes.

Settlement Type Physical

Position Limits NYMEX Position Limits 

Rulebook Chapter 116 

Exchange Rule These contracts are listed with, and subject to, the rules and regulations of COMEX.

E-Mini Futures / Energy Futures / Grain Futures / Currencies Futures / Metal Futures / Financial Futures / Soft Futures / Livestock FuturesJoss Report / WebOE / Simulated Trading / News / Charts Quotes / Tools