The British currency, the pound sterling is still named after this metal. Mexico and the United States are the largest silver producing countries. Silver is used for industrial purposes including electrical wiring as well as being a precious metal used for jewelry. Silver has traded up to $50 per ounce when the Hunt Brothers attempted to corner the market in the 1970’s. A rise in copper, lead and zinc is bullish for silver as silver is a byproduct of mining and processing the other metals. Silver is often used as a hedge against inflation.
NYMEX/COMEX Silver Futures Contract Specifications:
Trading Unit: 5,000 troy ounces.
Price Quotation: U.S. cents per troy ounce.
Trading Hours: Open outcry trading is conducted from 8:25 AM until 1:25 PM ET. Electronic trading is conducted from 6:00 PM until 5:15 PM ET via the CME Globex® trading platform, Sunday through Friday. There is a 45-minute break each day between 5:15PM (current trade date) and 6:00 PM (next trade date) ET.
Trading Months: 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.
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.
Last Trading Day: Trading terminates at the close of business on the third to last business day of the maturing delivery month.
Trading Symbol: SI
Chicago Board of Trade (CBOT) Silver Futures Contract Specifications:
5,000 oz Silver
Contract Months: First 3 consecutive months; 2 Jan, 2 Mar, 2 May, and 2 Sep; 5 July and 5 Dec
Last Trading Day: Third to last business day of the maturing delivery month.
Trading Hours: Electronic – 6:16 pm to 4:00 pm, Central Time, Sunday-Friday.
Trading in expiring contracts closes at 12:25 pm on the last trading day.
Ticker Symbol: ZI
CBOT mini-sized Silver Futures
Contract Size: 1,000 troy ounces.
Tick Size: $.001/troy oz. (or $1.00 per contract).
Price Quote: Dollars and cents/troy ounce.
Contract Months: First 3 consecutive months; 2 Jan, 2 Mar, 2 May, and 2 Sep; 5 July and 5 Dec
Last Trading Day: The business day immediately preceding the last two business days of the contract month.
Last Delivery Day: The last business day of the delivery month.
Trading Hours: Electronic – 6:16 pm to 4:00 pm, Central Time, Sunday – Friday
Trading in expiring contracts closes at 12:25 pm on the last trading day.
Ticker Symbol: YI