E-mini Silver Futures (QI): 2,500 Ounce Cash Settled Silver Contract

Q: Is QI the same contract as miNY silver?

Yes. The 2,500 ounce contract was marketed as miNY silver and is now listed as E-mini Silver, symbol QI.

Q: What is the minimum QI price increment?

$0.0125 per troy ounce, which equals $31.25 per contract.

Q: How much is a $1 silver move on QI?

$2,500 per contract, because QI covers 2,500 ounces.

Q: Is QI physically delivered?

No. QI is cash settled against the SI settlement price, so no silver changes hands.

Q: When does QI stop trading?

QI expiry comes on the third last business day of the prior calendar month, so a December QI position must be closed or rolled by late November.

Q: How much margin does one QI contract require?

We list QI at $500 for day trades and $17,875 for overnight positions. Rates are reviewed as volatility changes, and the margins page is kept current.

Q: What hours can QI be traded?

QI trades on CME Globex Sunday to Friday from 5:00 p.m. to 4:00 p.m. CT; there is no trading between 4:00 p.m. and 5:00 p.m. CT.

Q: How does QI compare with SI, SIL and SIC?

SI is 5,000 ounces and SIL is 1,000 ounces, both physically delivered. QI at 2,500 ounces and SIC at 100 ounces settle in cash.

Q: Why does QI use a 1.25 cent tick?

QI moves in increments of 1.25 cents per ounce, while SI moves in half cent increments. One QI tick at $31.25 is worth more than one SI tick at $25.00 even though QI is half the size.

What Is an E-mini Silver (QI) Futures Contract?

E-mini Silver futures (QI), long known as miNY silver, cover 2,500 troy ounces of silver, half of the 5,000 ounce COMEX Silver (SI) contract. QI is listed on COMEX, part of CME Group, and is financially settled: at expiration, open positions are settled in cash against the SI settlement price, with no metal delivered.

QI moves in increments of $0.0125 per ounce, a tick worth $31.25, and each $1.00 move in silver changes the value of one contract by $2,500. It fits traders who want sizable silver exposure without delivery, between Micro Silver (SIL) and SI.

E-mini Silver (QI) Contract Specifications

Because QI settles to SI, its price tracks the benchmark silver contract. Its tick of one and a quarter cents is larger than the half cent SI tick, and trading in each QI month ends on the third last business day of the month before the contract month.

Product:

E-mini Silver

Futures Contract Symbol:

Exchange:

COMEX (part of CME Group)

Contract Size:

2,500 troy ounces

Trading Hours:

Sunday to Friday, 5:00 PM to 4:00 PM CT on Globex (no trading 4:00 PM to 5:00 PM CT)

Minimum Price Fluctuation:

1.25 cents ($0.0125) per troy ounce, valued at $31.25

Contract Months:

Monthly contracts listed for Jan, Mar, May, Jul, Sep and Dec over a 24 month period

Settlement Method:

Financial settlement to SI; no delivery

Exchange Fees:

$1.00/contract

E-mini Silver (QI) Margin Requirements

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$500

$17,875

Margin for QI and the other metals contracts is on our futures margins page. For physical silver terms, see COMEX Silver (SI) or Micro Silver (SIL); for the smallest size, 100 Ounce Silver (SIC). Our metals hub covers gold. Apply to trade QI through our account application.

Source: CME

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

Silver Volatility and QI Position Size

Silver often moves more in percentage terms than gold, and a 2,500 ounce contract magnifies that. A 50 cent move equals $1,250 on one QI contract. Traders following QI typically monitor this data; the list explains the market, not its direction.

Interest rate expectations: Federal Reserve decisions and Treasury yields influence precious metals.
The dollar: silver is priced in dollars, so currency moves change its cost for foreign buyers.
Factory data: ISM and Chinese purchasing managers indexes reflect industrial demand for silver.
Positioning: the weekly CFTC Commitments of Traders report shows how managed money and commercial traders hold silver futures.
Gold: silver frequently moves in the same direction as gold, with larger swings.

Because of its size, QI can generate large losses as well as gains in a single session.