Silver perpetual futures

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Contract and trading hours

• It references the USD spot price of one troy ounce of silver (XAG/USD). From the contract specification, retrieved 23 August 2026.

  Source: trade[XYZ] (contract issuer)

• For precious metals the external price comes from liquid spot markets. There is no futures roll, unlike energy and industrial metals. From the contract specification, retrieved 23 August 2026.

  Source: trade[XYZ] (contract issuer)

• External pricing runs from Sunday 18:00 ET to Friday 17:00 ET. A maintenance window applies from 17:00 to 18:00 ET, Monday through Thursday. From the contract specification, retrieved 23 August 2026.

  Source: trade[XYZ] (contract issuer)

• The minimum price increment is $0.005 per troy ounce. For 1 contract, it is $25.00. From the CME contract specification retrieved 25 August 2026.

  Source: CME Group (COMEX)

• The minimum price increment for intermonth spreads is $0.001 per troy ounce. For 1 contract, it is $5.00. From the CME contract specification retrieved 25 August 2026.

  Source: CME Group (COMEX)

Basic information

• One metric ton equals 32,150.7 troy ounces. Figures published by the USGS in January 2025.

  Source: U.S. Geological Survey (USGS)

• Mine production was estimated at 26,000 metric tons worldwide in 2025. Mexico produced 6,300, Peru 3,600 and China 3,400 metric tons. Bolivia produced 1,500 and Chile 1,400 metric tons. From the USGS publication issued in February 2026.

  Source: U.S. Geological Survey (USGS)

• Reserves were estimated at 610,000 metric tons worldwide at the end of 2025. Peru held 110,000, Russia 92,000 and Australia 91,000 metric tons. From the USGS publication issued in February 2026.

  Source: U.S. Geological Survey (USGS)

• Approximately 1,000 metric tons of silver was recovered from new and old scrap in the United States in 2025. That was about 11% of apparent consumption. From the USGS publication issued in February 2026.

  Source: U.S. Geological Survey (USGS)

• U.S. mines produced approximately 1,100 metric tons in 2025. Output came from 4 silver mines and as a byproduct or coproduct of 31 base- and precious-metal operations across 12 States. From the USGS publication issued in February 2026.

  Source: U.S. Geological Survey (USGS)

• Much silver is recovered as a by-product of lead-zinc, copper, and gold mines. Polymetallic deposits account for more than two-thirds of world silver resources. From USGS material published in February 2026.

  Source: U.S. Geological Survey

• World silver reserves total 610,000 tonnes, including 110,000 in Peru, 92,000 in Russia, and 67,000 in China. From USGS material published in February 2026.

  Source: U.S. Geological Survey

• Approximately 1,000 tonnes of silver was recovered from new and old scrap in 2025. This equalled approximately 11% of apparent consumption. From USGS material published in February 2026.

  Source: U.S. Geological Survey

Customers and regions

• Estimated U.S. uses in 2025 were electrical and electronics 25%, other industrial uses and photography 19%, and net physical investment in bars 18%. Photovoltaics were 15%, coins and medals 14%, jewelry and silverware 6%, and brazing and solder 3%. From the USGS publication issued in February 2026.

  Source: U.S. Geological Survey (USGS)

Composition and methodology

• The delivery unit for COMEX silver futures is 5,000 troy ounces, consisting of 5 silver bars of 1,000 troy ounces each. The weight tolerance is 10% above or below that amount. From Chapter 112 of the COMEX rules, retrieved 25 August 2026.

  Source: CME Group (COMEX)

Business and products

• Deliverable silver must have fineness of at least 999. It must come from an exchange-approved brand. From Chapter 112 of the COMEX rules, retrieved 25 August 2026.

  Source: CME Group (COMEX)