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Silver Futures Curve
The CME silver futures term structure: settlement price by contract month, front to back, showing contango or backwardation, with historical curve overlays.
CME Futures Curve
About this data
The silver futures curve, or term structure, plots CME settlement prices for silver futures by contract month, from the front month outward. An upward-sloping curve (contango) is normal for silver and mainly reflects carry — interest rates plus storage and insurance. A downward-sloping curve (backwardation) is rare and typically signals acute near-term physical tightness.
Source: official CME daily settlement prices for every listed contract month, updated each trading day, with historical curves available for comparison.
Frequently asked questions
- What is contango?
- Contango means longer-dated futures trade above the front-month price. For silver, the gap largely tracks short-term interest rates: higher rates raise the cost of carry and steepen the curve.
- What is backwardation and why does it matter?
- Backwardation means near-dated contracts trade above longer-dated ones. Because silver is abundant above ground, sustained backwardation is unusual and is read as a sign of immediate physical scarcity or intense near-term demand.
- How do traders use the futures curve?
- Curve shape feeds carry and roll-yield decisions, calendar-spread trades, and cross-checks against positioning data such as the COT report. A steepening curve alongside stretched long positioning can flag an overheated market.