MRCI's Futures Highlight

MRCI's Futures Highlight - Silver(CMX)

MRCI's Futures Highlight - Silver(CMX)

MRCI hopes this profile of the CMX Silver futures contract, with its statistics and feature studies, will help you derive wise trading decisions from its presentation of long-term perspective, computer analysis, and historical background. This additional history is designed to complement the body of knowledge contained in any seasonal patterns and strategies published. The weekly and monthly charts on this page depict prices for nearby contracts, which most closely reflect the underlying cash market.

Copyright © 1989- Moore Research Center, Inc. All Rights Reserved
Some data provided by barchart

The table below offers a statistical analysis of historical daily trading in the CMX Silver futures. The average range for each day of the week in each year and overall has been computed for purposes of comparison and further insight into the dynamics of this market.

MRCI's Nearby Futures Range Detail for Silver(CMX) from 1/1976 - 2/2025
Calendar Year	Monday Avg Rng	Tuesday Avg Rng	Wednesday Avg Rng	Thursday Avg Rng	Friday Avg Rng	Yearly Avg Rng
1976	9.3($467)	9.5($473)	9.0($449)	8.7($434)	7.9($393)	8.9($443)
1977	7.0($350)	6.0($300)	5.8($292)	6.1($303)	5.6($281)	6.1($305)
1978	8.8($441)	9.4($469)	9.1($456)	8.6($429)	8.0($402)	8.8($439)
1979	28.4($1419)	30.0($1498)	33.8($1691)	30.3($1515)	31.2($1561)	30.8($1538)
1980	74.6($3729)	76.3($3814)	77.5($3874)	77.1($3856)	71.0($3549)	75.3($3767)
1981	40.2($2010)	33.6($1680)	33.8($1691)	35.8($1790)	31.3($1566)	34.9($1746)
1982	32.7($1633)	29.2($1458)	28.9($1444)	26.9($1347)	26.5($1327)	28.8($1440)
1983	42.2($2108)	33.4($1672)	34.9($1745)	36.9($1845)	32.9($1643)	35.9($1797)
1984	22.2($1110)	19.5($975)	21.1($1056)	23.1($1153)	20.5($1024)	21.3($1063)
1985	16.6($828)	13.6($682)	13.3($665)	12.8($638)	11.6($578)	13.6($678)
1986	14.5($723)	11.4($569)	11.3($564)	12.2($608)	11.7($584)	12.2($609)
1987	26.4($1321)	28.3($1414)	19.3($963)	22.0($1102)	24.1($1203)	24.0($1199)
1988	14.1($706)	14.7($733)	14.6($732)	14.2($711)	14.6($730)	14.5($723)
1989	8.6($432)	8.6($432)	9.1($454)	9.4($472)	11.8($590)	9.5($476)
1990	8.4($420)	8.5($425)	8.4($421)	7.4($369)	8.3($417)	8.2($410)
1991	7.8($391)	7.9($396)	8.1($407)	9.5($477)	8.5($424)	8.4($419)
1992	5.2($259)	5.0($249)	4.8($242)	6.3($315)	6.0($300)	5.5($273)
1993	9.8($489)	10.0($500)	10.2($512)	11.7($584)	10.7($533)	10.5($524)
1994	11.8($591)	10.6($528)	12.0($602)	10.8($541)	11.2($562)	11.3($564)
1995	11.2($559)	11.9($596)	11.4($570)	11.8($590)	12.1($607)	11.7($584)
1996	7.2($362)	8.9($446)	8.0($398)	9.2($462)	9.4($472)	8.6($428)
1997	9.7($484)	10.3($514)	10.8($540)	11.5($577)	11.8($591)	10.8($541)
1998	13.1($655)	16.2($808)	14.7($733)	16.3($814)	15.7($784)	15.2($760)
1999	9.4($470)	11.8($592)	9.4($468)	10.5($527)	10.0($499)	10.2($512)
2000	5.6($280)	5.9($297)	6.5($323)	6.6($330)	6.8($340)	6.3($315)
2001	6.6($332)	5.5($275)	7.3($366)	7.0($352)	6.7($333)	6.6($331)
2002	8.1($407)	8.9($444)	8.0($400)	8.2($408)	8.7($434)	8.4($419)
2003	10.3($514)	9.5($477)	10.5($523)	9.9($496)	9.8($492)	10.0($500)
2004	20.2($1008)	20.1($1005)	24.5($1224)	22.2($1110)	21.9($1093)	21.8($1089)
2005	16.3($813)	16.3($815)	15.3($763)	17.5($876)	16.3($813)	16.3($816)
2006	43.7($2185)	43.3($2167)	42.3($2117)	48.6($2431)	43.2($2158)	44.2($2212)
2007	31.6($1581)	37.2($1858)	33.5($1674)	40.6($2028)	37.3($1863)	36.1($1803)
2008	69.2($3462)	74.8($3741)	68.4($3418)	73.5($3674)	68.8($3439)	71.0($3548)
2009	53.8($2689)	52.2($2610)	49.3($2465)	53.2($2660)	51.9($2594)	52.0($2602)
2010	54.5($2727)	68.1($3406)	61.6($3079)	60.1($3005)	61.0($3050)	61.2($3060)
2011	157.0($7849)	153.6($7681)	155.1($7757)	170.4($8519)	147.7($7386)	156.7($7837)
2012	76.7($3833)	85.6($4282)	88.9($4447)	89.8($4488)	85.9($4294)	85.5($4274)
2013	73.6($3681)	66.6($3328)	69.5($3475)	80.1($4003)	75.4($3770)	73.0($3648)
2014	43.9($2196)	43.0($2149)	40.1($2004)	46.7($2336)	45.2($2258)	43.7($2187)
2015	41.4($2068)	39.5($1974)	38.5($1926)	41.2($2059)	41.6($2079)	40.4($2020)
2016	40.4($2022)	41.4($2069)	43.0($2151)	46.8($2342)	48.8($2440)	44.2($2208)
2017	30.9($1544)	30.5($1525)	30.7($1535)	31.4($1568)	33.0($1651)	31.3($1565)
2018	25.1($1256)	28.0($1399)	29.8($1489)	26.8($1338)	26.9($1346)	27.3($1367)
2019	26.3($1314)	29.2($1462)	29.4($1471)	31.9($1597)	31.7($1583)	29.7($1487)
2020	97.2($4859)	94.2($4708)	81.9($4096)	79.2($3960)	73.2($3659)	85.1($4254)
2021	71.3($3566)	72.4($3618)	65.9($3297)	72.2($3609)	74.7($3735)	71.3($3563)
2022	72.1($3603)	69.9($3493)	63.0($3148)	72.9($3645)	68.3($3415)	69.1($3456)
2023	56.5($2823)	58.9($2945)	59.4($2970)	64.2($3212)	62.9($3144)	60.5($3023)
2024	81.3($4064)	76.5($3823)	84.0($4198)	90.5($4526)	96.1($4806)	85.6($4282)
2025	102.2($5108)	84.9($4247)	79.2($3962)	80.4($4021)	91.3($4567)	86.8($4340)

What other characteristics do CMX Silver futures exhibit for various days of the week? We ran various studies for the last 180 calendar days of trading prior to trading prior to expiration for each contract.

MRCI's Nearby Futures Summary for Silver(CMX) from 1/1976 - 2/2025
Summary Item	Monday Summary	Tuesday Summary	Wednesday Summary	Thursday Summary	Friday Summary	Yearly Summary
Range	33.8($1691)	34.0($1700)	33.4($1668)	35.3($1765)	34.2($1711)	34.1($1707)
Closed Up	1181(51%)	1269(50%)	1295(51%)	1269(51%)	1224(50%)	6238(50%)
Closed Dn	1125(48%)	1220(48%)	1205(47%)	1193(48%)	1201(49%)	5944(48%)
Closed Uchg	25(1%)	49(2%)	40(2%)	32(1%)	28(1%)	174(1%)
Gapped up	231(10%)	201(8%)	228(9%)	187(7%)	191(8%)	1038(8%)
Un-filled Gaps Up	86(37%)	68(34%)	74(32%)	68(36%)	60(31%)	356(34%)
Gapped Down	291(12%)	234(9%)	224(9%)	229(9%)	185(8%)	1163(9%)
Un-filled Gaps Down	129(44%)	79(34%)	66(29%)	74(32%)	48(26%)	396(34%)

Daily Percent Change Summary for Silver(CMX)
UNCH	>0%- <1%	+1%- <2%	+2%- <3%	+3%- <4%	+4%- <5%	+5%- <6%	+6%- <7%	+7%- <8%	+8%- <9%	+9%- <10%	+10%- <20%	>+20%
174	3319	1585	749	317	137	68	35	14	8	3	3	0
	<0%- >-1%	-1%- >-2%	-2%- >-3%	-3%- >-4%	-4%- >-5%	-5%- >-6%	-6%- >-7%	-7%- >-8%	-8%- >-9%	-9%- >-10%	-10%- >-20%	<-20%
	3232	1422	662	324	154	70	27	24	9	8	12	0

The table below represents yearly low, high, last yield in the cash market for the CMX Silver futures contracts. Quotes are from daily cash market price activity.

Silver: 24-HR Composite - Jun 3, 2022
	Period Low(Jan-Dec)		Period High(Jan-Dec)		Last Day		Average
Year	Date	Price	Date	Price	Date	Price	Price
2021	12/15/2021	2145.0	02/01/2021	2979.0	12/31/2021	2328.0	2510.2
2020	03/18/2020	1172.0	08/07/2020	2975.0	12/31/2020	2637.0	2056.9
2019	05/28/2019	1429.0	09/04/2019	1963.0	12/31/2019	1783.0	1620.0
2018	11/14/2018	1388.0	01/25/2018	1768.0	12/31/2018	1546.0	1568.0
2017	07/10/2017	1520.0	04/17/2017	1864.0	12/29/2017	1690.0	1705.5
2016	01/12/2016	1374.0	08/02/2016	2077.0	12/30/2016	1591.0	1711.8
2015	12/15/2015	1357.0	01/21/2015 01/22/2015	1846.0	12/31/2015	1384.0	1567.2
2014	12/01/2014	1444.0	02/24/2014	2216.0	12/31/2014	1569.0	1903.0
2013	06/28/2013	1820.0	01/23/2013	3245.0	12/31/2013	1945.0	2383.5
2012	06/28/2012	2613.0	02/29/2012	3743.0	12/31/2012	3029.0	3114.1
2011	09/26/2011	2605.0	04/25/2011	4975.0	12/30/2011	2771.0	3526.2
2010	02/05/2010	1463.0	12/31/2010	3091.0	12/31/2010	3085.0	2029.4
2009	01/14/2009 01/15/2009	1035.0	12/03/2009	1945.0	12/31/2009	1687.0	1471.5
2008	10/28/2008	846.0	03/17/2008	2135.0	12/31/2008	1137.0	1497.8
2007	08/16/2007	1106.0	11/07/2007	1621.0	12/31/2007	1479.0	1340.1
2006	01/05/2006	869.0	05/11/2006	1521.0	12/29/2006	1290.0	1160.7
2005	01/04/2005	633.0	12/12/2005	927.0	12/30/2005	882.0	732.8
2004	05/10/2004	546.0	04/02/2004	845.0	12/31/2004	682.0	667.6
2003	03/21/2003	434.0	12/31/2003	601.0	12/31/2003	594.0	489.6
2002	01/29/2002 01/31/2002	423.0	07/15/2002	515.0	12/31/2002	478.0	460.7
2001	11/21/2001 11/22/2001 11/23/2001 11/26/2001	404.0	01/19/2001	484.0	12/31/2001	462.0	436.5
2000	12/15/2000	455.0	02/07/2000	551.0	12/29/2000	457.0	493.9
1999	04/14/1999	482.0	09/28/1999	582.0	12/31/1999	540.0	522.0
1998	12/03/1998	462.0	02/05/1998	787.0	12/31/1998	502.0	552.8
1997	07/16/1997 07/17/1997	418.0	12/24/1997 12/26/1997	638.0	12/31/1997	593.0	491.0
1996	12/03/1996 12/04/1996	468.0	02/02/1996	587.0	12/31/1996	477.0	519.2
1995	03/01/1995 03/02/1995 03/03/1995	436.0	05/04/1995	613.0	12/29/1995	518.0	519.9
1994	12/05/1994	454.0	03/28/1994	585.0	12/30/1994	488.0	528.0
1993	02/22/1993	353.0	08/02/1993	551.0	12/31/1993	510.0	431.7
1992	08/26/1992	363.0	01/16/1992	439.0	12/31/1992	368.0	394.0

The table below represents Scenario Analysis for the December Silver(CMX) futures contracts.

Scenario^SM Study for March Silver(CMX) as of Nov 27, 2024
Condition 1: Higher Monthly Close. Action ---> Buy that month's close with objective of exceeding month's high within 2 months.
Tested Month	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb
Tested Years		45	45	45	45	45	45	45	45	45	45	45
Closed Higher		18	22	14	25	22	24	21	18	22	27	18
Exceeded High		14	15	11	20	15	15	14	15	21	19	11
Scenario Percentage		78%	68%	79%	80%	68%	63%	67%	83%	95%	70%	61%
Avg Max Increase		9.19%	11.56%	14.67%	16.57%	19.42%	12.86%	18.34%	20.72%	14.57%	11.21%	7.89%
Max Increase		26.13%	42.22%	60.39%	81.96%	67.95%	34.44%	67.34%	115.36%	42.86%	24.65%	15.74%
Avg Days To Max Increase		15	12	16	16	14	15	14	15	16	16	13
Avg Max Decline		-1.98%	-2.07%	-1.69%	-3.78%	-1.62%	-3.71%	-3.78%	-1.66%	-3.64%	-2.81%	-1.37%
Max Decline		-10.75%	-9.91%	-7.22%	-13.99%	-10.68%	-11.59%	-10.90%	-10.80%	-14.99%	-14.24%	-3.66%
Avg Days to Max Decline		5	7	6	9	4	6	7	4	12	8	3
2025 Contract Condition		Yes	Yes				Yes	Yes
Action		Yes	No				Yes	Not Yet

Copyright © 1989- Moore Research Center, Inc. All Rights Reserved.

Condition 2: Lower Monthly Close.
Action ---> Sell that month's close with objective of penetrating month's low within 2 months.

Tested Month

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Tested Years

Closed Lower

Penetrated Low

Scenario Percentage

85%

78%

68%

75%

65%

71%

75%

85%

70%

67%

78%

Avg Max Decline

9.83%

9.95%

7.67%

8.00%

11.36%

10.25%

9.21%

7.93%

9.21%

8.74%

7.86%

Max Decline

31.14%

25.10%

19.78%

17.69%

38.41%

31.24%

24.69%

33.78%

24.57%

17.27%

57.10%

Avg Days To Max Decline

Avg Max Increase

-2.39%

-2.81%

-3.13%

-4.04%

-2.85%

-4.37%

-3.49%

-2.77%

-4.15%

-3.82%

-2.08%

Max Increase

-9.64%

-6.26%

-10.30%

-30.43%

-14.94%

-12.66%

-8.49%

-9.95%

-12.35%

-6.52%

-8.06%

Avg Days to Max Increase

2025 Contract Condition

Yes

Action

Yes

High

2663.5

3022.6

3385.0

3280.0

3283.5

3102.5

3339.0

3553.0

3368.0

Low

2372.5

2619.8

2738.0

2980.0

2827.5

2737.5

2839.0

3075.5

3018.0

Close/Last

2602.3

2773.4

3165.7

3042.0

2977.8

2953.3

3184.3

3323.9

3055.6

Moore Research Center, Inc.

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