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Micro Silver Futures (SIL) Contract Specifications

What you're trading

The Micro Silver future (SIL) — also known as the 1,000-oz Silver future — is 1/5th the size of the SI contract and tracks the same COMEX silver prices. SIL was designed to give smaller traders direct access to silver futures at a reduced notional. Daily settlement prices are identical to SI, and a 5:1 offset is available at CME Clearing between SIL and SI positions.

Contract size

1,000 troy ounces of silver. 

Tick value

Minimum price fluctuation is $0.005 per troy ounce, and each tick is worth $5.00 per contract. A $0.10 move in the per-ounce price equals $100, and a $1.00 move equals $1,000 per contract.

Trading hours

CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday.

Settlement type

Physically delivered. Listed contract months include January, March, May, July, September, October, November, and December over the next 12 months. Most SIL traders close or roll positions before last trading day.

Margin snapshot

SIL margin is roughly 1/5th of SI. Silver's volatility still applies — keep a comfortable buffer above maintenance.

Initial margin (overnight)

~$3,600–$4,800 per contract (approximate; varies with volatility)

Maintenance margin

~$3,280–$4,360 per contract

Day-trade margin

Broker-set; often a fraction of overnight margin

Notional value (reference)

~$32,000 at $32/oz

Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.

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