What Do COMEX Silver Futures Prices Near US$59–60 Mean for Australia's Cannington Mine and Regional Polymetallic Output?

Highlights

• COMEX silver futures quotations on 13 October 2026 were reported between US$59.010 and US$59.460 per troy ounce across the supplied market observations.
• A separate settlement reference of US$60.141 per troy ounce relates to the preceding Trading session and should not be treated as the confirmed December contract settlement for 13 October.
• Silver prices remain relevant to Australia's Mining industry, including South32's Cannington operation in Queensland, which produces silver alongside lead and zinc.

International silver futures markets remained relevant to Australian mining and industrial activities on Tuesday, 13 October 2026, as traders assessed precious metal prices and broader Commodity market conditions.

Reported COMEX December 2026 silver futures quotations ranged from approximately US$59.010 to US$59.460 per troy ounce.

. Since futures prices vary by contract month and observation time, these figures should not be presented as a single settlement quotation.

For Australian mining businesses, silver prices influence commodity Revenue assumptions, project evaluations and the value of polymetallic production.

COMEX Silver Futures Prices on 13 October 2026

Silver futures are traded on the Commodity Exchange (COMEX), part of CME Group.

The standard silver Futures Contract represents 5,000 troy ounces, with prices quoted in US dollars per troy ounce.

The December 2026 contract uses the symbol SIZ6, while SIV6 denotes the October 2026 contract.

Table 1: Silver Futures Market Reference — 13 October 2026

Source: Supplied COMEX silver futures market observations for 13 October 2026 and CME Group standard contract specifications. The quoted prices are not treated as a verified intraday high-low range or final settlement.

Global Silver Demand and Supply Conditions

Silver has both precious metal and industrial applications.

Industrial demand comes from electrical components, electronics, solar photovoltaic technologies and other Manufacturing processes.

Investment-related demand can also influence silver prices through physical bullion markets and financial instruments.

On the supply side, silver is produced through dedicated mining operations and as a by-product of lead, zinc, copper and gold mining.

Consequently, silver production does not always respond directly to movements in its own market price.

Changes in industrial consumption, mining output and recycling availability can influence the balance between global supply and demand.

Cannington Mine and Australia's Silver Production

South32 Limited (ASX) operates the Cannington mine in north-west Queensland, producing silver alongside lead and zinc.

Cannington's polymetallic production structure means its financial performance is influenced by several commodity prices rather than silver alone.

According to South32's June 2026 quarterly production report, Cannington produced approximately 8.906 million ounces of payable silver during FY26.

The operation also produced payable lead and zinc, reflecting the mine's diversified mineral output.

For Cannington, international silver prices are relevant to revenue assumptions and project economics, alongside production volumes, ore grades, metallurgical recovery and operating expenditure.

Why Silver Prices Matter for Mining Economics

Changes in international silver prices can influence expected revenue from mineral production.

For mines producing silver alongside other metals, the contribution of silver revenue depends on output volumes, realised selling prices and commercial arrangements.

Higher silver prices may improve revenue outcomes when other factors remain unchanged.

However, changes in operating costs, production volumes and exchange rates can offset or amplify the effects of commodity price movements.

At Cannington, the relationship between silver, lead and zinc production remains important when evaluating overall operational performance.

The company's continuing assessment of mine development Options also depends on technical and financial considerations beyond daily futures quotations.

Australian Dollar Movements and Silver Valuations

COMEX silver futures are quoted in US dollars, making AUD/USD movements relevant to Australian mining businesses.

A weaker Australian dollar increases the Australian currency equivalent of an unchanged US dollar silver price.

Conversely, Australian dollar appreciation reduces the converted value.

For miners, the relationship between international commodity prices and exchange rates can influence revenue received in Australian dollars.

Domestic buyers of silver-containing materials may also experience changes in procurement costs.

However, futures prices are different from physical silver purchase prices, which can incorporate refining, transport, storage and transaction costs.

Industrial Applications and Regional Mining Activity

Silver is used in electronics, electrical contacts, solar technologies and specialised industrial components.

Its combination of industrial and investment-related demand creates exposure to developments across manufacturing and financial markets.

Within Australia, silver production is associated with several mining regions and polymetallic deposits.

Project Economics depend on mineral grades, processing requirements, infrastructure access and the commercial value of associated metals.

Changes in global manufacturing activity and mineral supply can therefore influence the broader outlook for Australian silver producers.

What Lies Ahead for Silver Prices?

Future silver market developments will depend on industrial demand, mine production, recycling activity and financial market conditions.

Investors and commercial Market Participants will continue monitoring COMEX futures prices, changes in the Australian dollar and production reports from mining companies.

For South32's Cannington operation, developments in silver, lead and zinc prices will remain relevant alongside mine planning, production guidance and operating costs.

The supplied quotations for 13 October 2026 provide a reference for market activity, although confirmation of the final December futures settlement requires a matching contract-specific exchange record.