Singapore: Abaxx Technologies Inc (Abaxx), a financial software and market infrastructure company, announced its newly launched physically deliverable Silver Singapore futures contract recorded active trading during its first two trading sessions following its official launch on May 22.

According to BERNAMA News Agency, the early trading activity involved firms from Singapore, Thailand, and India, as the contract expands Abaxx Commodity Exchange's precious metals product offerings.

The Abaxx Silver Singapore futures contract is a United States dollar-denominated, physically deliverable contract for 1,000 troy ounces of silver with 0.9999 fineness, deliverable into approved vaults in Singapore. Abaxx stated that the contract is intended to support price discovery and hedging activities for commercial participants involved in Asia's industrial silver market, including sectors linked to solar, electronics, and advanced manufacturing supply chains.

KGI Securities Singapore chief executive officer, Ken Ong, noted that the Singapore-based futures contract provides market participants with an additional tool to manage price risks associated with the regional physical silver market. The company also mentioned that the SSP futures contract is available for trading from 10am to midnight Singapore time on weekdays, excluding Singapore public holidays.