Contact Specifications | Trade Futures

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TRADING UNIT: Futures: 5,000 troy ounces.
Options: one COMEX Division silver futures contract.
TRADING HOURS: Futures and options: 8:25 A.M. to 2:25 P.M. for the open outcry session.

After-hours futures trading is conducted via the NYMEX ACCESS® electronic trading system beginning at 4 P.M. on Mondays through Thursdays and concluding at 8 A.M. the following day. On Sunday, the electronic session begins at 7 P.M. All times are New York time.

TRADING MONTHS: Futures: Trading is conducted for delivery during the current calendar month, the next two calendar months, and 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. Options: 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 option is added on a December cycle.
PRICE QUOTATION: Futures and Options: cents per troy ounce. For example: 526.5 cents per troy ounce.
MINIMUM PRICE FLUCTUATION: Futures and Options: Price changes for outright transactions, including EFPs, are in multiples of one-half cent (0.5 cents or $0.005) per troy ounce, equivalent to $25 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 cents or $0.001) per troy ounce, equivalent to $5 per contract. A fluctuation of one cent (1 cents or $0.01) is equivalent to $50 per contract.
MAXIMUM DAILY PRICE FLUCTUATION: Futures: 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%.

Options: no price limit.

LAST TRADING DAY: Futures: terminates at the close of business on the third last business day of the maturing delivery month.
Options: expire on the second Friday of the month prior to the delivery month of the underlying futures contract.
EXERCISE OF OPTIONS: Until 3 P.M., New York time, on any business day for which the option is listed for trading. On expiration day, the buyer has until 4 P.M., New York time, to exercise an option.
OPTION STRIKE PRICE INTERVALS: Options: Twenty-five cents (25 cents or $0.25) per ounce apart for strike prices below $8.00, 50 cents ($0.50) per ounce apart for strike prices between $8.00 and $15.00, and $1.00 per ounce apart for strike prices above $15.00.
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.
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 LIMITS: Position accountability level of 7,500 contracts. Includes silver futures and options on a net futures equivalent basis. Spot month limit of 1,500 contracts.
MARGIN REQUIREMENTS: Margins are required for open futures and short options positions. The margin requirement for an options purchaser will never exceed the premium paid.


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The contents herein are strictly the opinion of its writers and is intended solely for informative purposes and is not to be construed, under any circumstances by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of futures conditions are attempted.

Futures trading involves substantial risk of loss and is not suitable for everyone. In no event should the content of this site be construed as an express or an implied promise, guarantee or implication by or from Trade Futuresor National Commodities Corporation, Inc., that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of futures performance.