One contract, 5,000 ounces | Canvas of Knowledge

The unit behind the quote

The standard COMEX Silver futures contract has a trading unit of 5,000 troy ounces. CME Group quotes its price in US dollars and cents per troy ounce. Those two facts belong together: the screen displays a unit price, while one contract represents a much larger quantity. This article refers specifically to the standard contract, commonly identified by the product code SI.

Multiply the price change

Consider a hypothetical rise from $30 to $31 per troy ounce. The change is $1 per ounce, so one standard contract changes in value by $1 × 5,000 = $5,000. A long position gains that amount; a short position loses it, before costs. A fall of the same size reverses those outcomes. The $1 move is an illustration, not a forecast or a description of a current market price.

A tick is smaller

For an outright transaction, CME specifies a minimum price fluctuation of $0.005 per troy ounce. Multiplying this by 5,000 gives $25 per contract. Spread transactions and settlement prices use different permitted increments, so the outright tick should not be applied to every context. At the hypothetical $30 quote, the contract's notional value would be $150,000. That exposure is distinct from the margin deposited to support the position.

The contract has a lifecycle

The standard contract includes physical delivery provisions and an expiry timetable. Its delivery rules also specify eligible silver, including minimum fineness and approved brands. A futures position is therefore more than an open-ended view on a price. The CFTC explains that positions are commonly offset before delivery by an opposite transaction. Closing a position, its margin treatment and any delivery obligations remain governed by the applicable contract and account rules.

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Sources & further reading

Sources checked 14 November 2026. Reference organisations do not endorse this website. Price examples are hypothetical and educational.