Silver Margins Raised by Comex for Second Time in a Week
CME Group Inc.’s Comex unit raised margin requirements on silver trading for the second time in less than a week.
The minimum amount of cash that must be deposited when borrowing from brokers to trade silver futures will rise to $16,200 per contract from $14,513, the exchange said today in a an e-mailed statement. Silver futures dropped as much as 13 percent today after Comex raised margins by 13 percent at the close of business on April 29.
The new rates will be effective at the close of business tomorrow. Margins were at $4,250 a year earlier.
Silver futures for July delivery plummeted $2.515, or 5.2 percent, to $46.084 an ounce, the biggest decline since Jan. 4. Still, the metal has more than doubled in the past year. One futures contract is for 5,000 ounces, valued at today’s closing price at $230,420.
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