1,000-Ounce Silver Futures Expiration and Delivery Explained
Learn SIL expiration: third-last-business-day termination, ACE certificate delivery in fives, last-intent-day exception, rolls, and broker instructions.
Direct answer
1,000-ounce Silver futures are certificate-deliverable, not cash settled. Trading terminates on the third last business day of the contract month, while ACE delivery may occur on any business day from the first through the last business day of that month. Deliveries run in multiples of five contracts except on the last intent day, five ACEs redeem into one SI warrant, and mixed 5-to-1 books can offset directly.
The SIL delivery month defines an ACE window, not a single day
Expiration and delivery belong to one named SIL contract month and year. The delivery period spans the whole month through ACE transfers rather than bar movement: any business day from the first through the last business day of the delivery month can host a delivery. Preserve the exact month-year before joining a rulebook statement to a calendar or an account instruction.
What 1,000-ounce Silver futures are explains the 1,000-ounce unit and ACE design. How to read 1,000-ounce Silver futures quotes helps distinguish a named contract from a continuous series or an unlabelled price.
SIL termination stops current-month trading on the third last business day
No trades in current-month SIL may occur after the third last business day of that month. This business-day-count rule ends the trading window while the ACE delivery window keeps running. Contracts still open past that point face certificate delivery, EFRP, or broker action, never another ordinary trading session.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current SIL calendar for a named contract.
Five ACEs make a warrant, except on the last intent day
Each ACE evidences 20 percent of a 5,000-ounce SI warrant held in depository form, with storage invoiced to the ACE owner. Deliveries proceed in multiples of five SIL contracts on every delivery day except the last intent day, when any quantity may deliver. Shorts convert an SI warrant into five ACEs; longs accumulating five ACEs redeem one SI warrant. Tolerance adjustments for bar weight run through the clearing house.
Cash-settled versus physically delivered futures contrasts the two settlement designs, and SIL is a canonical certificate-deliverable example. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific SIL window.
First business day through last business day bounds the SIL handoff
Fifth-size SIL ACE delivery can open on the first business day of the delivery month and run through the last business day. Keep the Chapter 121 calendar, current rulebook reference, first-notice status, five-ACE warrant state, and the source of each date. Do not fill a missing date with a presumed sequence, and do not assume a public exchange rule is an account-level instruction. Broker intent deadlines can sit well before the exchange window closes.
Rolls and broker cutoffs leave SIL exchange rules untouched
A roll changes exposure from one named SIL month to another. It does not extend the nearby contract's termination rule or widen its delivery window. A 5-to-1 SIL offset against SI exists for mixed-size books. A broker may set a client-facing action date earlier than an exchange process, so keep broker instructions in a separate field.
Futures contract roll mechanics covers the two dated ounce contracts inside an SIL roll. Futures contract month codes helps resolve the compact SIL symbol before any date is used.
This guide describes standard 1,000-ounce Silver futures expiration and delivery mechanics. It does not state a live deadline, decide whether to roll or close, provide a delivery notice, or determine a broker's handling of a position. Current COMEX rules, clearing procedures, calendar notices, and account documents govern a particular contract.
Common questions
When does trading in an expiring SIL contract end?
No current-month trades may occur after the third last business day of that month. Holiday shifts move the count, so check the named contract's calendar.
When can SIL delivery occur?
On any business day from the first business day through the last business day of the delivery month, which extends past the termination day.
What is an ACE in fifth-size silver delivery?
An Accumulated Certificate of Exchange evidencing 20 percent ownership in a 5,000-ounce SI warrant. Five ACEs redeem into one SI warrant, with storage invoiced to the ACE owner.
Must SIL delivery always run in fives?
On every delivery day except the last intent day, yes: multiples of five contracts. On the last intent day the restriction lifts and odd quantities may deliver.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require intent or action well before the exchange window closes. Keep the broker's instruction separate from the exchange-level rule.