Silver Futures

  • 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
  • ContractParameters
    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 MonthExpiry CodeLast Trading DayNotice DayDelivery 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