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    Silver 1st Front Month  (SI*1)

    28.370s+0.228 (+0.81%) 9:04A EST (COMEX) View Help
    Commodity Price Quote as of Friday, May 25th, 2012

    Contract Specifications

    Symbol SI
    Name Silver (SI)
    Exchange COMEX
    Trading Months March, May, July, September, December (H, K, N, U, Z)
    Trading Unit 5,000 troy ounces
    Tick Size $0.005 (1 cent) per troy ounce. ($25.00 per contract)
    Daily Limit None
    Trading Hours 7:25a.m. to 12:25p.m. (5:00p.m. - 4:15p.m. (Sun-Fri) CST)
    Last Trading Day Third last business day before the maturing delivery month
    Value of one futures unit $5,000
    Value of one options unit $5,000

    CRB Yearbook Description

    Silver is a white, lustrous metallic element that conducts heat and electricity better than any other metal. In ancient times, many silver deposits were on or near the earth's surface. Before 2,500 BC, silver mines were worked in Asia Minor. Around 700 BC, ancient Greeks stamped a turtle on their first silver coins. Silver assumed a key role in the U.S. monetary system in 1792 when Congress based the currency on the silver dollar. However, the U.S. discontinued the use of silver in coinage in 1965. Today Mexico is the only country that uses silver in its circulating coinage.

    Silver is the most malleable and ductile of all metals, with the exception of gold. Silver melts at about 962 degrees Celsius and boils at about 2212 degrees Celsius. Silver is not very chemically active, although tarnishing occurs when sulfur and sulfides attack silver, forming silver sulfide on the surface of the metal. Because silver is too soft in its pure form, a hardening agent, usually copper, is mixed into the silver. Copper is usually used as the hardening agent because it does not discolor the silver. The term "sterling silver" refers to silver that contains at least 925 parts of silver per thousand (92.5%) to 75 parts of copper (7.5%).

    Silver is usually found combined with other elements in minerals and ores. In the U.S., silver is mined in conjunction with lead, copper, and zinc. In the U.S., Nevada, Idaho, Alaska, and Arizona are the leading silver-producing states. For industrial purposes, silver is used for photography, electrical appliances, glass, and as an antibacterial agent for the health industry.

    Silver futures and options are traded on the New York Mercantile Exchange (NYMEX), the Chicago Board of Trade (CBOT), and the London Metal Exchange (LME). Silver futures are traded on the Tokyo Commodity Exchange (TOCOM). The NYMEX silver futures contract calls for the delivery of 5,000 troy ounces of silver (0.999 fineness) and is priced in terms of dollars and cents per troy ounce.

    Prices - NYMEX silver futures prices in 2009 overcame much of the plunge seen in late 2008 when the financial crisis hit. Silver futures prices on a nearest-futures basis, after posting a 29-year high of $21.185 per troy ounce in March 2008, plunged to a 4-year low of $8.40 per ounce in October 2008 due to the financial crisis and fears about deflation. The highest month-end price ever posted for cash silver was about $38 per troy ounce back in January 1980. After the late 2008 plunge, silver prices during 2009 recovered to a 2-year high of $19.43 per ounce in December 2009. Bullish factors in 2009 included (1) worries about inflation, (2) the generally weak dollar seen in 2009 as global financial institutions lightened up their emergency holdings of dollars, (3) the global economic recovery which started in mid-2009 and meant stronger industrial demand for silver, and (4) a continued influx of investor capital into precious metal exchange-traded funds.

    Supply - World mine production of silver in 2009 rose +0.5% yr/yr to a new record high of 21,400 metric tons, continuing to show some improvement after flat production figures in 2000-03. The world's largest silver producers in 2009 were Peru with 18% of world production, China (14%), Mexico (12%), Chile (9%), Australia (8%), and the U.S. (6%). U.S. production of refined silver in 2009 (through August, annualized) fell by 20.8% to an 11-year low of 3,899 metric tons.

    Demand - U.S. consumption of silver in 2003 (latest data available) fell -1.0% yr/yr to 175.3 million troy ounces. The largest consumption of silver is for photographic materials with 35% of total usage, followed by electrical contacts and conductors (23%), jewelry (9%), coinage (7%), and brazing alloys and solders (5%). The world's largest consuming nation of silver for industrial purposes is the U.S. with 20% of world consumption in 2004, followed by Japan (16%), India (10%), and Italy (7%).

    Trade - U.S. exports of refined silver in 2005 (latest data available) fell -21.4% yr/yr to 9.709 million troy ounces, which was less than one tenth of the record high of 99.022 million troy ounces seen in 1997. The major destinations for U.S. silver exports are Canada (38%), Switzerland (29%), and the UK (12%). U.S. imports of silver ore and concentrates in 2005 (latest available data) fell -80.5% yr/yr to 14,000 troy ounces. U.S. imports of refined silver bullion in 2005 (latest data available rose +11.2% yr/yr to 134.387 million troy ounces in 2005. The bulk of those imports came from Mexico (65.908 million troy ounces), Canada (41.474 million troy ounces), and Peru (20.319 million troy ounces).

    Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
    More commodity data from Commodity Research Bureau.