TOCOM Silver

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TOCOM Silver futures trade on the Tokyo Commodity Exchange (TOCOM). They were launched on January 26, 1984[1].

Each TOCOM Silver futures contract represents 30 kilograms of deliverable grade silver, which is defined as fine silver of minimum 99.99% purity, and its delivery date is set as the last day of each even month except December (the 24th for December). If the day is a holiday or a half-holiday, Delivery Day is advanced.

As of July 2008, each TOCOM Silver futures contract is subject to a margin rate of 162,000 yen for the spot month and 108,000 yen for the other months[2].

In 2007, TOCOM Silver futures traded 536,583 contracts (-37.5 percent YOY), and, in June 2008, traded 18,791 contracts (-69.5 percent YOY).

TOCOM Silver futures
Exchange Tokyo Commodity Exchange
Settlement Physically delivered
Contract Size 30 kg
Pricing Unit 300 yen
Tick Value 300 yen
Contract Months All even months within a year
Last Trading Day The third business day prior to the Delivery Day
Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 9:00 a.m. to 11:00 a.m. , 12:30 p.m. to 5:30 p.m.
Ticker Symbol N/A N/A
Price Limits N/A Daily Price Fluctuation Limits are determined based on the largest market price movement within a certain period of time and are set at a level where the probability that they will be reached is very low[3].



Tokyo Commodity Exchange Silver Futures Contract Specifications


  1. Silver Contract. Tokyo Commodity Exchange.
  2. Margin and Price Limit. Tokyo Commodity Exchange.
  3. Margin and Price Limit. Tokyo Commodity Exchange.