What Are Silver Futures? SI Explained
Learn what SI Silver futures are: 5,000-ounce contracts quoted in dollars per ounce, their $25 outright tick, and physical delivery of 999-fine bars.
Direct answer
Silver futures, commonly identified as SI, are COMEX contracts for 5,000 troy ounces quoted in U.S. dollars and cents per ounce. On CME Globex, an ordinary outright minimum movement of 0.005 USD per ounce equals $25.00 per contract. Calendar spreads use a finer 0.001 increment, or $5.00. Standard SI futures are physically deliverable in 999-fine bars rather than cash settled.
SI names a dated COMEX silver agreement, not a spot ounce quote
SI is the product root for COMEX Silver futures. A complete agreement also has a contract month and year, so a value displayed beside SI is not automatically a current spot quote for an ounce or a perpetual metal holding. It is a labelled observation of a futures contract, and the label determines which rules and delivery process apply.
How to read Silver futures quotes shows which fields make an observation usable. Silver futures expiration and delivery explains why the named month matters when a contract approaches its delivery period.
The 5,000-ounce SI unit converts a quoted price into contract dollars
Chapter 112 sets one standard SI contract at 5,000 troy ounces of silver assaying at minimum 999 fineness. Because quotation is dollars per ounce, a one-dollar move in the quoted price changes the contract value by $5,000. The unit describes the standardized quantity; it is not a claim about an account balance, margin, or appropriate order size.
Futures tick value and contract multipliers derives the SI $25.00 outright tick from the 5,000-ounce unit. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
SI outright, spread, and TAS increments each follow their own rule
For an ordinary SI outright trade on CME Globex, the minimum fluctuation is 0.005 USD per ounce, or $25.00 per contract. Calendar spreads use a finer 0.001 increment, or $5.00. Trading at settlement, identified as SIT, moves in 0.001 steps within zero or plus-or-minus ten ticks of settlement. Those are execution-type distinctions, not interchangeable ways to round any SI value.
Record the execution type before calculating a movement or comparing two displayed prices. A spread tick and an outright tick describe different observations even when both appear beside the same month-year.
Deliverable 999-fine bars back the SI contract design
Silver delivered against SI must assay at minimum 999 fineness, carry an Exchange-approved brand, and arrive as five 1,000-ounce bars within a 10 percent weight tolerance, with weights convertible from grams at 31.1035 grams per ounce. Chapter 112 points to Chapter 7 for the broader delivery framework, and clearing plus depository arrangements matter for an actual open position.
Cash-settled versus physically delivered futures draws the general settlement-design line, and SI sits on the physically deliverable side. What are Gold futures covers the sister precious-metal contract for readers comparing the two metals.
A workable SI record separates quotation facts from account facts
Before relying on an SI number, preserve the root, month-year, dollars-per-ounce convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact SI symbol into the agreement whose delivery calendar applies.
Margin is collateral, not a substitute for the 5,000-ounce contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Silver futures mechanics. It does not provide a live silver price, a metals forecast, margin requirement, trade recommendation, or broker delivery instruction. Current COMEX rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does SI mean in futures?
SI is the COMEX product root for Silver futures. Add a contract month and year to identify the particular standardized agreement.
How many ounces does one SI contract represent?
One standard SI contract represents 5,000 troy ounces of silver at minimum 999 fineness, deliverable as five 1,000-ounce bars within tolerance.
What is the ordinary SI tick value?
The ordinary CME Globex outright minimum movement is 0.005 U.S. dollar per ounce, equal to $25.00 per standard SI contract.
How does SI differ from 100-ounce silver futures?
The 100-ounce contract is a smaller, financially settled product with its own $1.00 tick and month-prior termination. SI is the full-size 5,000-ounce physically deliverable contract. Do not mix their specifications.
Are Silver futures cash settled?
No. Standard SI futures are physically deliverable under Chapter 112 and the applicable delivery procedures. Current clearing and depository documents determine the handling of a particular open position.