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Commodities: Silver

  1. Introduction to Commodities
  2. Commodities: Cocoa
  3. Commodities: Coffee
  4. Commodities: Copper
  5. Commodities: Corn
  6. Commodities: Cotton
  7. Commodities: Crude Oil
  8. Commodities: Feeder Cattle
  9. Commodities: Gold
  10. Commodities: Heating Oil
  11. Commodities: Live Cattle
  12. Commodities: Lumber
  13. Commodities: Natural Gas
  14. Commodities: Oats
  15. Commodities: Orange Juice
  16. Commodities: Platinum
  17. Commodities: Rough Rice
  18. Commodities: Silver
  19. Commodities: Soybeans and Soybean Oil
  20. Commodities: Sugar
  21. Commodities: Wheat
  22. Understanding Commodities Trading

Silver mining began about 5,000 years ago in Anatolia (modern day Turkey). The metal quickly became the impetus for exploration, as it was a sought-after measurement of wealth and valued as money, jewelry and for decorative objects. Because of its distinctive characteristics, silver has numerous applications in art, industry, science, technology and investments.

Contract Specifications

Ticker Symbol

SI (CME Globex)

ZI (ICE)

Contract Size

5,000 troy ounces

Contract Months

All months: F, G, H, J, K, M, N, Q, U, V, X, Z

Trading Hours

CME Globex: Sunday – Friday, 6:00 p.m. – 5:00 p.m. (there’s an hour break from 5:00 to 6:00 p.m. each day)

ICE: Sunday – Friday, 8:00 p.m. – 6:00 p.m.

Last Trading Day

The third last business day of the delivery month

Price Quote

U.S. cents per troy ounce

Tick Size

CME Globex (outright transactions): $0.005 per troy ounce ($25 per contract)

ICE: $0.001 per troy ounce ($5 per contract)

Production        

About 85% of silver production comes from mining, 14% from scrap and 1% from stockpiles. In 2015 (the most recent data), the largest contributor to demand growth was coin and bar investment, which surged to reach a record high due to strong North American and Indian purchases. Worldwide, the top silver-producing countries are Mexico, Peru, China, Chile, Russia and Australia.

Price Drivers

The price of silver is largely driven by industrial demand. Silver prices are also driven by:

  • other demand, including jewelry, coins, medals, silverware and photography
  • the price of gold (silver tends to follow the price of gold in terms of direction)
  • government actions and policies
  • strength of the U.S. dollar
  • inflation and interest rates

 


Commodities: Soybeans and Soybean Oil
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