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Silver January 2014 (SIF14)

21.891s-0.197 (-0.89%) 8:00P EDT (COMEX)
Commodity Price Quote as of Tuesday, Jun 18th, 2013 View Help

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 (5 cent) per troy ounce ($25.00 per contract)
Daily Limit None
Trading Hours 7:25a.m. to 12:25p.m. (Globex 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 NYSE-LIFEE exchange, 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 Q1 2011 rallied sharply and in April 2011 posted a 32-year high of $49.82 an ounce, just below the all-time high from 1980 at $50.35 an ounce. Silver prices then embarked on a zigzag downward correction the rest of the year and fell to a 1-year low of $26.385 an ounce in December 2011. Silver prices ended 2011 down -9.8% at $27.875 per troy ounce. Major bullish factors in 2011 included (1) increased demand for precious metals as an inflation hedge with the central banks of the U.S., England, and Japan all engaging in quantitative easing, and (2) a surge in demand for precious metals as an alternative asset after the credit ratings of the U.S., Japan, Italy and other countries were all downgraded. Bearish factors included (1) dollar strength which prompted liquidation of most commodities, and (2) a slowdown in the global economy due to the European debt crisis.

Supply - World mine production of silver in 2011 rose +3.1% yr/yr to a new record high of 23,800 metric tons, continuing to show some improvement after flat production figures in 2000-03. The world's largest silver producers in 2011 were Mexico with 18.9% of world production, Peru and China (16.8%), Australia (7.8%), Chile and Russia (5.9%), and the Bolivia (5.7%). U.S. production of refined silver in 2011 (through August, annualized) fell by -4.9% to 5,311 metric tons, down from last year's record high of 5,583 metric tons.

Demand - U.S. consumption of silver in 2009 (latest data available) fell -11.8% yr/yr to 164.4 million troy ounces. The largest consumption of silver is for electrical contacts and conductors with 31.9% of total usage, followed by coinage (20.6%), photographic materials (13.4%), jewelry (7.1%), and brazing alloys and solders (3.2%). The world's largest consuming nation of silver for industrial purposes is the U.S. with 20% of world consumption in 2004 (latest data), followed by Japan (16%), India (10%), and Italy (7%).

Trade - U.S. exports of refined silver in 2010 (latest data available) rose +69.2% yr/yr to 22.794 million troy ounces, which about half of the record high of 99.022 million troy ounces seen in 1997. The major destinations for U.S. silver exports are Canada (14.8%), Germany (9.9%), and South Korea (8.7%). U.S. imports of silver ore and concentrates in 2010 rose from 3,000 troy ounces to 104,000 troy ounces. U.S. imports of refined silver bullion in 2010 rose +91.8% yr/yr to 172.646 million troy ounces. The bulk of those imports came from Mexico (82.947 million troy ounces), Canada (51.119 million troy ounces), and Peru (9.999 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.