In fulfillment of each contract, the seller must deliver 5,000 troy ounces (☖%) of refined silver, assaying not less than. EFPs may be used to either initiate or liquidate a futures position. The buyer or seller may exchange a futures position for a physical position of equal quantity by submitting a notice to the Exchange.
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. Delivery must be must be made from a warehouse or vault licensed or designated by the Exchange specifically for the storage of silver.
COMEX COPPER SERIAL NUMBER
Silver delivered against the futures contract must bear a serial number and identifying stamp of a refiner's officially listed brand. Trading terminates at the close of business on the third to last business day of the maturing delivery month. A fluctuation of one cent (1¢ or $0.01) is equivalent to $50.00 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. 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. 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. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday. Open outcry trading is conducted from 8:25 AM until 1:25 PM.Įlectronic trading is conducted via the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM. Trading Hours (All times are New York time) Guide to Comex Silver Futures Trading & Market Data Trading Unit
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