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 from 01.00 to 20.00 (London time) via LMEselect, and through the 24-hour inter-office telephone market.
|Trading date||Volume1||Open Interest2|
1 Volumes are quoted in lots and published T+2 days in arrears
2 Market Open Interest (the total of member and client open positions in lots) is published T+3 in arrears
LME Silver Volumes and Market Open Interest: Current calendar year
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LME Silver Contract specifications
||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
||5,000 troy ounces
||US Dollars and cents per fine troy ounce|
|Trading Hours||01:00 – 20:00 London time
||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 fine troy ounce
||$0.00001 per fine troy ounce
|(Carries)||$0.00001 per fine troy ounce||$0.00001 per fine 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.
||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
||Realised Variation Margins applied|
1 Defined terms used in this contract specification shall have the meaning ascribed to them in the LME Rulebook or LME Clear Rulebook (as appropriate)