In this report
- Record gold price triggers volume and open interest surge
- Metals complex reaches all-time daily volume record
- Suspension of Approved Status for Warranting and Delivery of Aluminum Brands under the COMEX Aluminum Futures Contract
- Supply risks heats up the Copper market bringing record activity and new trading opportunities
- Market dynamics driving platinum to record volume
- Lithium futures going from strength to strength
- Aluminum futures continue to push to new highs
- Products added to Bloomberg Commodity Index
- Save the date. Precious metals dinner 2024.
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Record gold price triggers volume and open interest surge
The gold price surged to record levels in 2024, hitting $2,400 for the first time on April 12. Volume and open interest in Gold futures (GC) and Micro Gold futures (MGC) has surged in response to higher prices.
March Gold (GC) ADV of 332.6K contracts was its highest since July 2020, while OI of 540.6k on March 13, 2024, was its highest since March 2022. March Micro Gold (MGC) ADV of 75.4K was its highest since December 2020, while OI of 41.5K contracts on March 21, 2024, was its highest since January 2021.
CME Group's suite of Gold futures and options offers gold trading opportunities as gold prices respond quickly to political and economic events allowing participants to manage physical exposure or price risk.
Metals complex reaches all-time daily volume record
Shifting geopolitical conditions are directing market participants to utilize our entire suite of Metals products to manage risk. As a result, over 1.7M contracts were traded across the whole metals complex on April 12, the highest trading day on record.
Additional highlights include:
- Second highest volume day on record for metals options, with 305,732 contracts traded
- Third highest volume day on record across the precious metals complex, with 1,461,859 contracts traded
- Second highest volume day on record for Micro Gold futures, with 311,919 contracts traded
- Third highest volume day on record for Micro Silver futures, with 58,485 contracts traded
- Top ten volume day for the base metals complex, with 265,021 contracts traded
- Single day volume record for Micro Copper futures, with 16,597 contracts traded
Suspension of Approved Status for Warranting and Delivery of Aluminum Brands under the COMEX Aluminum Futures Contract
Effective immediately and until further notice, COMEX has suspended the approved status for registration (warranting) for delivery and delivery of aluminum of Russian Federation origin that was produced on or after April 13, 2024, which currently include the Aluminum Brands identified in the SER.
Supply risks heats up the Copper market bringing record activity and new trading opportunities
Supply risks in the Copper market drove a rally in prices and trading volumes. Over 307K contracts traded across all Copper products on April 8, second highest trading day ever.
Over 54K Copper options (HX) contracts traded in a single day on March 13, beating the previous record of 25K contracts set in 2021. Average daily volume YTD is currently 9.8K contracts, up 18% compared to 2023. Open interest has been steadily climbing throughout the year, peaking at 254K contracts on April 18.
Micro Copper futures (MHG) achieved its highest trading day on April 8 with nearly 14K contracts trading.
COMEX offers best in class screen liquidity for Copper futures and options and remains the venue of choice for investors and funds to gain exposure to copper. Take a closer look at Copper options today.
Market dynamics driving platinum to record volume
For the first time since 2018 platinum and palladium prices are near parity. Platinum volumes reached record levels in March trading over 42K contracts on average per day, including an all-time high day of 60,410 contracts on March 19.
Palladium (PA) saw average daily volume in February of over 8K contracts, its highest since February 2014, while YTD average open interest of 21.6K is up 36% vs. 15.8K in 2023.
Lithium futures going from strength to strength
Q1 trading volumes in lithium hydroxide has already eclipsed the volume for the entire year last year and more participants trade lithium hydroxide at CME Group, the home of battery metals.
Over 320 contracts have traded per day on average in Q1, up over 2000% compared to the same period last year. Open interest has surged to over 24K contracts as of April 2.
Aluminum futures continue to push to new highs
Our physically delivered Aluminum futures can help traders manage their physical aluminum risk right across the supply chain, with over 416 unique participants now trading the contract in Q1 2024.
2024 volume has reached new levels, trading on average 9K contracts per day, up 12% since 2023. We also saw a new daily record of over 30K contracts trading in a single day on February 20. Open interest currently stands at 3K contracts as of April 3, extending out to December 2025.
Products added to Bloomberg Commodity Index
We are pleased to announce several CME Group products have now been listed on the Bloomberg Commodity Index. Aluminum, lithium and cobalt have been added to Bloomberg Commodity Sub-indices and are available to view immediately:
- Bloomberg Aluminum (CME) Subindex BCOMA
- Bloomberg Aluminum (CME) Subindex Total Return BCOMAT
- Bloomberg Cobalt Subindex BCOMCB
- Bloomberg Cobalt Subindex Total Return BCOMCBT
- Bloomberg Lithium Subindex BCOMLM
- Bloomberg Lithium Subindex Total Return BCOMLMT
Save the date. Precious metals dinner 2024.
We are pleased to announce the precious metals dinner will be back at Gotham Hall on September 11, 2024.
More details will be announced in due course including this year’s keynote speaker, sponsorship opportunities and how to attend.
Gold is breaking Out, What's Next?
Central bank buying and geopolitical tensions have propelled the upward momentum in gold.
Gold Rally Defies Easing Rate-Cut Expectations
Gold prices have been setting record highs in recent weeks despite easing expectations on the number of rate cuts this year.
Gold’s Role in Turbulent Times
Gold’s recent price rise has drawn attention to its status as a steadfast protector of wealth. However, its price dynamics reveal a more nuanced story.
Short-Term Options Have Become Popular in Commodities
Shorter-dated options in oil, soybeans and gold have all experienced record trading volume in the past year. Find out why.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
