Commodity Futures: Metals contracts on silver futures and options

Gold | Silver | Platinum | Copper

Silver Contracts Overview | Quote-board

FUTURES

OPTIONS

Trading Unit

5,000 troy ounces.

Price Quotation

U.S. cents per troy ounce.

Trading Hours (All times are New York time)

Open outcry trading is conducted from 8:25 AM until 1:25 PM.

After-hours futures trading is conducted via the NYMEX ACCESS® internet-based trading platform beginning at 3:15 PM on Mondays through Thursdays and concluding at 8:00 AM the following day. On Sundays, the session begins at 7:00 PM.

Trading Months

Trading is conducted for delivery during the current calendar month, the next two calendar months, any January, March, May, and September thereafter falling within a 23-month period, and any July and December falling within a 60-month period beginning with the current month.

Minimum Price Fluctuation

Price changes for outright transactions, including EFPs, are in multiples of one-half cent (0.5¢ or $0.005) per troy ounce, equivalent to $25.00 per contract. For straddle or spread transactions, as well as the determination of settlement prices, the price changes are registered in multiples of one-tenth of a cent (0.10¢ or $0.001) per troy ounce, equivalent to $5.00 per contract. A fluctuation of one cent (1¢ or $0.01) is equivalent to $50.00 per contract.

Maximum Daily Price Fluctuation

Initial price limit, based upon the preceding day's settlement price, is $1.50. Two minutes after either of the two most active months trades at the limit, trades in all months of futures and options will cease for a 15-minute period. Trading will also cease if either of the two active months is bid at the upper limit or offered at the lower limit for two minutes without trading. Trading will not cease if the limit is reached during the final 20 minutes of a day's trading. If the limit is reached during the final half hour of trading, trading will resume no later than 10 minutes before the normal closing time. When trading resumes after a cessation of trading, the price limits will be expanded by increments of 100%.

Last Trading Day

Trading terminates at the close of business on the third to last business day of the maturing delivery month.

Delivery

Silver delivered against the futures contract must bear a serial number and identifying stamp of a refiner's officially listed brand. Delivery must be must be made from a warehouse or vault licensed or designated by the Exchange specifically for the storage of silver.

Delivery Period

The first delivery day is the first business day of the delivery month; the last delivery day is the last business day of the delivery month.

Exchange of Futures for Physicals (EFP)

The buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange. EFPs may be used to either initiate or liquidate a futures position.

Grade and Quality Specifications

In fulfillment of each contract, the seller must deliver 5,000 troy ounces (±6%) of refined silver, assaying not less than .999 fineness, in cast bars weighing 1,000 or 1,100 troy ounces each and bearing a serial number and identifying stamp of a refiner approved and listed by the Exchange. A list of approved refiners and assayers is available from the Exchange upon request.

Position Accountability Levels and Limits

Any one month/all months: 6,000 net futures equivalent, but not to exceed 1,500 in the spot month.

Margin Requirements

Margins are required for open futures positions.

Trading Symbol

SI

Trading Unit

One COMEX Division silver futures contract.

Price Quotation

U.S. cents per troy ounce.

Trading Hours (All times are New York time)

Open outcry trading is conducted from 8:25 AM until 1:25 PM.

Trading Months

The nearest five of the following contract months: March, May, July, September, and December. Additional contract months – January, February, April, June, August, October, and November – will be listed for trading for a period of two months. A 24-month options contract is added on a July/December cycle.

Minimum Price Fluctuation

Price changes for outright transactions, including EFPs, are in multiples of one-half cent (0.5¢ or $0.005) per troy ounce, equivalent to $25.00 per contract. For straddle or spread transactions, as well as the determination of settlement prices, the price changes are registered in multiples of one-tenth of a cent (0.10¢ or $0.001) per troy ounce, equivalent to $5.00 per contract. A fluctuation of one cent (1¢ or $0.01) is equivalent to $50.00 per contract.

Maximum Daily Price Fluctuation

No price limits.

Last Trading Day

Expiration occurs on the fourth business day prior to the underlying futures delivery month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.

Exercise of Options

Until one hour after the contract market close, New York time, on any business day for which the options contract is listed for trading. On expiration day, the buyer has until 4:30 PM, New York time, to exercise an options contract.

Strike Prices

10¢ ($0.10) and 25¢ ($0.25) per ounce apart for strike prices less than or equal to $8.00; 25¢ ($0.25) per ounce apart for strike prices greater than $8.00 and up to $15.00; and 50¢ ($0.50) per ounce apart for strike prices greater than $15.00 during the first six nearby trading months.

For all other months, increments are 25¢ ($0.25) per ounce apart for strike prices up to $8.00; 50¢ ($0.50) per ounce apart for strike prices greater than $8.00 and up to $15.00; and $1.00 per ounce apart for strike prices greater than $15.00.

Margin Requirements

Margins are required for open short options positions. The margin requirement for an options purchaser will never exceed the premium paid.

Trading Symbol

SO