SI opens Sunday at 5:00 p.m. CT and runs until Friday at 4:00 p.m. CT, with a one hour halt every weekday afternoon starting at 4:00 p.m. CT.

Silver Futures (SI): COMEX 5,000 Ounce Benchmark Contract

Q: How are SI ticks priced?

Outright trades move in $0.005 per ounce increments, worth $25.00 per contract. Spreads and settlement prices use a finer $0.001 increment.

Q: How much is a 10 cent silver move on one SI contract?

$500. Each one cent change is worth $50 on 5,000 ounces.

Q: How much silver does one SI contract control in dollars?

Multiply the silver price by 5,000: silver at $40 means a contract face value of $200,000.

Q: What happens if an SI position is held into delivery?

Silver of at least 999 fineness is delivered from COMEX approved vaults during the delivery month. Traders who do not want delivery close or roll before first notice day.

Q: Which SI months are most active?

March, May, July, September and December. COMEX lists monthly contracts for 26 consecutive months plus July and December contracts in the nearest 60 months.

Q: When is the final trading day for an SI contract month?

The third last business day of the delivery month. Delivery can take place on any business day of that month.

Q: What margin applies to COMEX silver?

Plan on $2,000 per contract to day trade SI and $35,750 to hold a position overnight; the margins page has current figures.

Q: How does SI relate to QI, SIL and SIC?

QI is half of SI and settles in cash. SIL is one fifth of SI and is physically delivered. SIC is one fiftieth of SI and settles in cash against the SI price.

What Is a COMEX Silver (SI) Futures Contract?

Silver futures (SI) are the benchmark silver contract on COMEX, part of CME Group. Each contract represents 5,000 troy ounces of silver with a minimum fineness of 999 and is physically delivered from COMEX approved vaults. Prices are quoted per troy ounce, and the $0.005 outright tick is worth $25.00 per contract, so a one cent move equals $50 and a $1.00 move equals $5,000.

SI suits commercial hedgers, funds and experienced traders with the capital for a large contract. For smaller size, COMEX lists E-mini Silver (QI) at 2,500 ounces, Micro Silver (SIL) at 1,000 ounces and 100 Ounce Silver (SIC). Silver sits alongside gold on our metals futures hub.

COMEX Silver (SI) Contract Specifications

Product:

Silver

Futures Contract Symbol:

Exchange:

COMEX (part of CME Group)

Contract Size:

5,000 troy ounces

Trading Hours:

Sunday 5:00 PM CT through Friday 4:00 PM CT on CME Globex, with a one hour halt from 4:00 PM CT each weekday

Minimum Price Fluctuation:

$0.005 per troy ounce on outright trades = $25.00 per contract

Contract Months:

Monthly contracts listed for 26 consecutive months and any Jul and Dec in the nearest 60 months.

Settlement Method:

Physical delivery, minimum 999 fineness

Exchange Fees:

$1.62/contract

COMEX Silver (SI) Margin Requirements

Holding Period:

Day Trading Margins

Overnight Margins

Margins:

$2,000

$35,750

SI margins appear with every metals contract on our futures margins page, and the gold and metals hub covers the COMEX precious metals lineup. Smaller silver sizes: E-mini Silver (QI), Micro Silver (SIL) and 100 Ounce Silver (SIC). To trade the full 5,000 ounce contract, open an account or request a commission quote.

Source: CME

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

Why Silver Prices Behave Differently From Gold

Silver is both a precious metal and an industrial input, so its price reflects a wider mix of influences than gold. The points here describe what SI traders analyze rather than any expected direction.

Industrial use: more than half of annual silver demand comes from industry, including solar panels, electronics and electrical components, so manufacturing data matters to silver.
Monetary demand: like gold, silver responds to real interest rates, the dollar and investor demand for bars, coins and ETFs.
By product supply: most silver is mined alongside lead, zinc, copper and gold, so silver output does not adjust quickly to silver prices.
The gold to silver ratio: traders compare the number of silver ounces needed to buy one ounce of gold to judge relative value.
COMEX inventories: daily reports of registered and eligible silver in COMEX vaults show how much metal is available for delivery.

Silver has historically been more volatile than gold, and futures trading involves substantial risk of loss.

COMEX Silver (SI) Futures FAQs

What are COMEX silver futures (SI)?

SI is the 5,000 troy ounce silver futures contract on COMEX, part of CME Group. It is physically delivered and serves as the main U.S. silver price reference.

How are SI ticks priced?

How much is a 10 cent silver move on one SI contract?

How much silver does one SI contract control in dollars?

What happens if an SI position is held into delivery?

Which SI months are most active?

When is the final trading day for an SI contract month?

What margin applies to COMEX silver?

When does SI trade?

How does SI relate to QI, SIL and SIC?

What is the gold to silver ratio?

Why is silver used in solar panels?