Silver Futures Expiration and Delivery Explained
Learn SI expiration: third-last-business-day termination, first-to-last-business-day delivery window, 999-fine bar rules, rolls, and broker instructions.
Direct answer
Silver futures are physically deliverable, not cash settled. Trading terminates at 12:25 p.m. Chicago time on the third last business day of the contract month, while delivery may occur on any business day from the first business day through the last business day of that month. Deliverable silver must assay 999 fine in approved-brand 1,000-ounce bars, and clearing plus depository arrangements govern every handoff.
The SI delivery month defines a window, not a single day
Expiration and delivery belong to one named SI contract month and year. Unlike third-Wednesday currency futures, the SI delivery period spans the whole month: 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 Silver futures are explains the 5,000-ounce unit and deliverable design. How to read Silver futures quotes helps distinguish a named contract from a continuous series or an unlabelled price.
SI termination falls on the third last business day at midday
Trading terminates at 12:25 p.m. Chicago time on the third last business day of the contract month. This is a business-day-count rule with a clock time, not a Wednesday convention. Counts shift with holidays, so never convert the rule into a fixed calendar date without checking the named contract's current calendar.
What happens when a futures contract expires sketches the general futures lifecycle, but it cannot replace the current SI calendar for a named contract.
Deliverable SI bars follow fineness, brand, and weight rules
Delivery requires five 1,000-ounce bars within a 10 percent weight tolerance, assaying at minimum 999 fineness, carrying an Exchange-approved brand with weight, fineness, bar number, and brand mark incised. Gram-denominated weights convert at 31.1035 grams per ounce rounded to a tenth. Chapter 112 points to Chapter 7 for the broader framework, and the depository weighmaster process in the 2021 specification update governs bars that arrive without stamped weights.
Cash-settled versus physically delivered futures contrasts the two settlement designs, and SI is a canonical deliverable-metals example. Futures first notice and last trading day keeps generic deadline vocabulary apart from the product-specific SI window.
First notice through last business day bounds the SI handoff
Delivery may begin on the first business day of the delivery month and run through the last business day. Retain the exchange calendar, current rulebook reference, first-notice status, vault receipt or 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 for receiving or delivering can sit days before the exchange window closes.
Rolls and broker cutoffs leave SI exchange rules untouched
A roll changes exposure from one named SI month to another. It does not extend the nearby contract's termination clock or widen its delivery window. 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 SI roll. Futures contract month codes helps resolve the compact SI symbol before any date is used.
This guide describes standard 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 SI contract end?
At 12:25 p.m. Chicago time on the third last business day of the contract month, subject to holiday shifts in the business-day count.
When can SI 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 silver is deliverable against SI?
Five 1,000-ounce bars within 10 percent tolerance, minimum 999 fineness, Exchange-approved brand with incised weight, fineness, number, and brand mark, with gram weights converted at 31.1035 per ounce.
Are Silver futures cash settled?
No. Standard SI futures are physically deliverable under Chapter 112 and the applicable delivery procedures. Smaller silver contracts may differ; check the named product, not the metal.
Does an exchange delivery date set my broker deadline?
Not necessarily. A broker can require intent or action days before the exchange window closes. Keep the broker's instruction separate from the exchange-level rule.