1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - COMEX silver is a crucial pricing benchmark in the global precious and industrial metal markets, reflecting the supply - demand relationship of silver's dual attributes of "monetary hedging" and "strategic industry". It provides price discovery and hedging mechanisms for industries and is a key tool for investors to hedge risks [7]. - The CME Group is a leading global financial derivatives trading and clearing group. Its COMEX platform is the most liquid and largest - scale precious metal trading platform, and its silver futures contract is an important pricing reference for the global silver market [7]. 3. Summary According to the Directory 3.1 Futures Contracts - **Chicago Mercantile Exchange Group (CME Group)**: It is a leading global financial derivatives trading and clearing group based in Chicago, USA. It consists of multiple exchanges, including CME, CBOT, NYMEX, and COMEX, providing trading and risk - management services for various asset classes [7][12]. - **COMEX Silver Futures Contracts**: - Contract unit: 5,000 ounces; quotation unit: dollars per ounce; settlement method: deliverable [14]. - Trading time varies in different trading systems (CME Globex, TAS, TAM, CME ClearPort) with specific time ranges and rules [14]. - Minimum price change: Outright is 0.005 dollars per ounce; calendar spread is 0.001 dollars per ounce [14]. - Other details include product codes, trading cutoff, settlement procedures, etc. [14]. - **Contract Margin Reference**: The maintenance margin and risk scan rate vary for different contract start and end months from February 2026 to January 2027 [20]. - **Contract Lifecycle Reference**: For different months from March 2026 to March 2027, details such as the first trading day, last trading day, settlement day, etc., are provided [22]. - **Contract Code Reference**: Codes for 12 - month continuous contracts and specific - month contracts are provided for different data platforms [24]. - **Historical Volume - Price Performance**: Volume and price data from 1983 - 2025 are presented in graphs, showing the market volume and open interest changes over time [27]. 3.2 Delivery Process - **Delivery Process Overview**: The CME precious metal contract delivery is a three - working - day standardized process, including the delivery intention day, notice day/invoice day, and delivery day [6][30][31]. - **Delivery Intention Day**: Sellers must submit a delivery intention notice through the Deliveries Plus application, match positions with warrants, and the system will issue an allocation notice. The first and last intention/holding days are specified [36]. - **Notice Day/Invoice Day**: The clearinghouse issues invoices to both parties, usually on the first working - day morning after the intention day. Invoice details include brand, warrant number, weight, etc. [37][38]. - **Delivery Day**: Sellers receive electronic funds transfer, and buyers receive electronic warrants in their Deliveries Plus inventory. A delivery case is provided to illustrate the process [40][41][42]. - **Delivery Quality Requirements**: The standard delivery unit is 5,000 troy ounces of silver with a minimum purity of 99.9%. Other requirements include allowable weight, weight calculation accuracy, approved refineries, and storage and transportation requirements [44].