CME Globex opens SIL at 5:00 p.m. CT Sunday and closes it at 4:00 p.m. CT Friday, with a 60 minute halt starting at 4:00 p.m. CT on weekdays.

Micro Silver Futures (SIL): 1,000 Ounce Physically Delivered Silver

Q: Is Micro Silver the same as 1,000 ounce silver?

Yes. CME Group introduced SIL as 1,000 ounce silver futures, and it is now marketed as Micro Silver.

Q: How much is a single SIL tick?

$5.00. The minimum outright move is $0.005 per troy ounce on 1,000 ounces.

Q: How much does a 25 cent silver move change one SIL contract?

$250 on one contract, because a cent is worth $10 on 1,000 ounces.

Q: What is the SIL to SI ratio?

Five to one. Five SIL contracts cover 5,000 ounces, the same quantity as one SI.

Q: How does delivery work on SIL?

SIL uses the same silver specifications as SI, and deliveries are generally made in multiples of five contracts. Trading ends on the third last business day of the contract month, and most traders exit or roll before the delivery period.

Q: How much margin does Micro Silver require?

SIL day trading margin is $400 and overnight margin is $7,150 per contract. Visit the margins page before trading, as both numbers can move.

Q: How does SIL differ from SIC?

SIL is 1,000 ounces with physical delivery and a $5.00 tick. SIC is 100 ounces, settles in cash and has a $0.01 tick worth $1.00.

Q: How does SIL differ from E-mini Silver (QI)?

QI is 2,500 ounces, two and a half times SIL, and settles in cash against SI. SIL is smaller and physically delivered.

What Is a Micro Silver (SIL) Futures Contract?

Micro Silver futures (SIL), also called 1,000 ounce silver, are a COMEX contract for 1,000 troy ounces of silver, one fifth of the 5,000 ounce COMEX Silver (SI) contract. Unlike most micro contracts, SIL is physically delivered, using silver that meets the same specifications as SI.

SIL moves in $0.005 increments worth $5.00 per contract, so a one cent move equals $10 and a $1.00 move equals $1,000. It suits traders who want physical silver contract terms at a fraction of the SI size, and hedgers with silver needs measured in thousands of ounces rather than tens of thousands.

Micro Silver (SIL) Contract Specifications

Product:

Micro Silver

Futures Contract Symbol:

SIL

Exchange:

COMEX (part of CME Group)

Contract Size:

1,000 troy ounces

Trading Hours:

CME Globex: 5:00 PM CT Sunday to 4:00 PM CT Friday, with a daily halt from 4:00 PM until 5:00 PM CT

Minimum Price Fluctuation:

Half a cent ($0.005) per ounce, worth $5.00

Contract Months:

Monthly contracts for 26 consecutive months, plus Jul and Dec contracts out to 60 months

Settlement Method:

Physical delivery (same silver specifications as SI)

Exchange Fees:

$1.00/contract

Micro Silver (SIL) Margin

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$400

$7,150

SIL day and overnight margins are listed with the rest of the metals complex on our margins page, and our metals hub starts with COMEX gold. Other silver sizes: COMEX Silver (SI), E-mini Silver (QI) and 100 Ounce Silver (SIC). For gold at micro size, see Micro Gold (MGC). Ready for 1,000 ounce silver? Apply for an account.

Official Exchange Source: CME Group Micro Silver Contract Specifications

The above information is derived from sources believed to be accurate. It is provided without guarantees and is subject to change without notice.

Industrial Demand and the Price of Silver

A large share of silver goes into manufactured products, which links SIL to industrial activity as well as to precious metals investing. Silver traders follow these areas; they are not forecasts.

Solar power: photovoltaic cells use silver paste, and solar installation data is followed as a source of demand.
Electronics and vehicles: silver is used in circuit boards, switches and the electrical systems of conventional and electric vehicles.
Manufacturing surveys: purchasing managers indexes for the U.S., China and Europe give a read on factory activity.
Annual supply and demand data: the Silver Institute publishes yearly estimates of mine supply, recycling and demand by sector.
Investment flows: silver ETF holdings and coin sales show how investors are positioned.

At $1,000 per $1.00 move, silver volatility can produce large changes in an SIL position, and losses can exceed margin.