Singapore is striving to become a global precious metal center as Abaxx Technologies Inc. announces the launch of the Abaxx Silver Singapore (SSP) silver futures contract this Friday. This product expands the company's precious metal portfolio and aims to meet global industrial trade needs.
According to Abaxx's announcement, the SSP contract is valued in USD, has a volume of 1,000 ounces of troy and a purity of 0.9999. The product can be delivered physically at approved warehouses in Singapore.
Abaxx emphasized that this contract is designed to meet practical commercial and industrial requirements, thereby creating a global standard for silver price determination and risk management.
The SSP contract is expected to become an important tool for industrial enterprises in Asia, where the demand for silver in solar energy, electronics and high-tech industries is increasing.
Russell Robertson - Business Development Director of Abaxx Exchange, said: "Businesses need risk management and valuation tools directly linked to the material silver they use. Singapore futures contracts are designed to fill that gap, with high purity and physical delivery right in Asia.
The global silver market has experienced many fluctuations in recent years. In 2020, the COVID-19 pandemic disrupted the silver supply and production chains.
By 2025, concerns about import taxes from the US have caused silver reserves to increase sharply in US warehouses, creating limits on liquidity in physical and spot transactions, affecting the determination of silver prices in the global market.
In addition, geopolitical conflicts such as the war in Iran continue to affect important raw material supplies, such as sulfur – a raw material for sulfuric acid production, used in copper and basic metal mining.
Because silver is often a byproduct of basic metal mining, these disruptions can affect silver production, while strengthening demand for physical trading tools in Asia.
Josh Crumb - founder and CEO of Abaxx, said North America is gradually losing its position in the silver market as Asian demand continues to rise. He believes that the SSP contract will help the Asian market access transparent silver prices and support industrial transactions, instead of relying on Western markets with risks of disruption due to tariffs or shipping restrictions.
Previously, Abaxx also launched a physical gold contract in Singapore in June 2025, consolidating the city's precious metal center position, while showing a strategy to expand precious metal products focusing on the Asian market.
The launch of silver futures contracts will help businesses, investors and traders have more choices to value and manage risks in the context of increasing industrial demand.
Silver price update
As of 7:00 AM on May 20, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company is listed at the threshold of 2.855 - 2.928 million VND/tael (buying - selling).
The price of 2025 Ancarat 999 silver bars (1kg) at Ancarat Precious Metals Company is listed at 75,250 - 77,580 million VND/kg (buy - sell).
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.844 - 2.947 million VND/tael (buying - selling).
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at 2.859 - 2.947 million VND/tael (buying - selling).
On the world market, recorded at 11:23 PM on May 19 (Vietnam time), spot silver prices were listed around 74.26 USD/ounce.
