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LME Silver

LMEprecious silver headline

The LME Silver contract combines daily tradeable dates with monthly and quarterly trading dates. In this way, the system seamlessly blends the daily structure of the London over-the-counter (OTC) market, and the monthly futures approach of existing exchange offerings.

The contract can be traded electronically via LMEselect, and through the 24-hour inter-office telephone market.

Contact us if you'd like to find out more about the new LMEprecious gold and silver contracts

Contract specifications

Name Silver
Contract code AG
Contract type Futures
Underlying material Loco London Fine Silver held in London and complying with standards relating to good delivery and fineness acceptable to the Precious Metal Clearer of the Clearing House for the purpose of effecting settlement with the Clearing House, as such standards are in effect from time to time
Lot size 5,000 troy ounces
Price quotation US Dollars and cents per troy ounce
Clearable currencies US Dollars
Trading venues LMEselect Inter-office market
Trading hours 01:00 – 20:00 London time 24 hours
Contract period Daily Dates tradeable from T+1 to T+3, Monthly Dates for at least 24 months (third Wednesday Prompt) and for a further twelve Calendar Quarterly Dates, as defined in the LME Rulebook Daily Dates tradeable from T+1 to T+25 Monthly Dates for at least 24 months (third Wednesday Prompt) and for a further twelve Calendar Quarterly Dates, as defined in the LME Rulebook
Minimum price fluctuation (tick size) $0.00500 per troy ounce $0.00001 per troy ounce
(Carries) $0.00001 per troy ounce $0.00001 per troy ounce
Termination of trading The last trading time for LMEprecious Silver Futures shall be 16:00 London time on the Last Trading Day. The Last Trading Day for LMEprecious Silver Futures shall be the Business Day which is one Business Day before the Prompt Date.
Settlement procedure All unallocated Precious Metal deliveries to LME Clear should be made to LME Clear's nominated Precious Metal Clearer, in accordance with the Settlement Instructions issued by LME Clear
Margining Realised Variation Margins applied

1Defined terms used in this contract specification shall have the meaning ascribed to them in the LME Rulebook or LME Clear Rulebook (as appropriate)