Silver is usually termed as poor man’s Gold. A soft, white, lustrous transition metal, it possesses the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal occurs naturally in its pure, free form (native silver) and as an alloy with gold and other metals. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has been used for thousands of years for ornaments and utensils, trade, and as the basis for many monetary systems. Its value as a precious metal was long considered second only to gold.
Silver futures contract was the second contract launched on DGCX platform and offers international benchmark pricing contract for investors, speculators, hedgers and arbitragers.
- Trade your views on the International benchmark Silver prices
- Arbitrage opportunity with the highly correlated Silver contract based on Indian and other international benchmark prices.
- Benefit from margin offset provided by DCCC for inter-commodity spreads
- Low cost structure
- USD denominated, Intention matching mechanism for delivery
- Lot size of 1,000 troy ounces (Approx. 31 KG)
- Tick size of USD 0.005 per troy ounce and tick value of USD 5
- Efficient margining for optimal leverage
- 5 contract months (covering approximately a calendar year) available at any given point of time
- Live prices available under marketwatch link on DGCX website
Contract Parameters Contract Symbol DS Underlying Silver Contract Size 1,000 troy ounces Notional Contract Value 1000xSilver Price quote in USD pr troy ounces Trading Currency USD Settlement Currency USD Price Quote USD per Troy Ounces Tick Size USD 0.005 Tick Value USD 5 Settlement Basis Physical Delivery Last Day of Trading Third last business day of the month preceding the Delivery Month Trading Days Monday through to Friday Trading Hours DGCX Trading Hours Trading Months Mar, May, Jul, Sep and Dec New Contract Listing Business day immediately following last trading day Max Order Size 200 contracts Initial Margin based on SPAN USD 1,100 per lot (subject to change) Calendar Spread Margin Depending upon each class of asset, spread position margin (Calendar spread margin) is charged using the SPAN framework. In case of Silver, 100% benefit is offered on calendar spread margins Extra Margin In time of high volatility, an extra margin as deemed fit by the Exchange may be imposed on all open positions Delivery Margin Five (5) times of the Initial Margins Daily Price Movement limit No Limits* Note 1*: For the avoidance of "fat finger" errors, price band shall be USD 20 from previous settlement price e.g. if previous settlement price is USD 1,200 then the price band is from USD 1,180 to USD 1,220. If price breaches the daily price movement limit, trading in particular contract shall continue, with the new trading price range without any cooling period Delivery Mechansim Details Delivery Unit 30 Kilograms cast in one bar of 1,000 troy ounces (10% more or less) Deliverable Quality Minimum 0.999 fineness - Note 2* Exchange of Futures for Physical (EFP) EFP (Exchange of Futures of Physical) - a mechanism to exchange Futures for Spot, and Spot for Futures will be available Approved CMI / Assayers Names as listed on the DGCX/DCCC websites Approved Brands Names as listed on the DGCX/DCCC websites Approved Refiners Names as listed on the DGCX/DCCC websites Approved Vaults Names as listed on the DGCX/DCCC websites Delivery Period First through Fifth Delivery Day of the Delivery Month First Notice Day Business Day immediately preceding First Delivery Day Last Notice Day Business Day immediately preceding Fifth Delivery Day Delivery Process The Matching of Buyers and Sellers for Gold delivery will be completed on a time priority basis upon receipt of their Tender/ Delivery Notices Vault Charges Rates applicable as published on the DGCX website Daily Settlement Price As per DGCX Notice # COMP-2008-014 dated April 22, 2008 Delivery Instrument Warrant Option for Cash Settlement The Final Silver cash settlement price for Silver Futures at the Close on the Last Day of Trading shall be the settlement price as made public by COMEX for the delivery month which corresponds to the applicable DGCX Delivery Month
Expiry Month Expiry Code Last Trading Day Notice Day Delivery Day Dec'18 DS-20181128 28 Nov 2018 28 Nov 2018 29 Nov 2018 Mar'19 DS-20190226 26 Feb 2019 26 Feb 2019 27 Feb 2019 May'19 DS-20190426 26 Apr 2019 26 Apr 2019 29 Apr 2019 Jul'19 DS-20190626 26 Jun 2019 26 Jun 2019 27 Jun 2019 Sep'19 DS-20190828 28 Aug 2019 28 Aug 2019 29 Aug 2019