CME Group Micro Gold, Silver and Copper Products Update

Highlights

Higher-than-expected January ISM Manufacturing PMI and NFP coupled with stronger U.S. dollar pressured gold price below $2,000/oz. level in the middle of February. With that said, managed money short covering and cooler PCE data helped the yellow metal to recoup some losses before ending the month at $2,054.60/oz., down 0.6% MoM.
Silver exhibited similar price trend to its yellow counterpart and settled the month at $22.885/oz., down 1.2% MoM. Managed money net position remained largely in the negative zone throughout the month.
The strong U.S. dollar and persistent weak Chinese demand reflected by the official PMI that contracted for the last five months, offset the upward momentum of managed money short covering and the reduction of five-year prime loan rate by the Chinese government to support its struggling property market. Copper prices finished the month at $3.8470/lb., down 1.5% MoM.
Micro Copper futures (MHG) February 2024 average daily volume (ADV) of 4,937 contracts achieved another MoM growth of 11% while average daily open interest (ADOI) of 3,539 contracts replaced the previous month record to become the highest since product inception. The deepened liquidity should enhance capital efficiency of market participants.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from February 1 to February 29, 2024)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key Economic Events in March/April 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Mar 1, 10.00 a.m.	Mar 1, 3.00 p.m.	Mar 1, 11.00 p.m.
China Balance of Trade	Mar 6, 11.30 p.m.	Mar 7, 4.30 a.m.	Mar 7, 12.30 p.m.
U.S. Non Farm Payrolls	Mar 8, 8.30 a.m.	Mar 8, 1.30 p.m.	Mar 8, 9.30 p.m.
China Inflation Rate YoY	Mar 8, 8.30 p.m.	Mar 9, 1.30 a.m.	Mar 9, 9.30 a.m.
U.S. Inflation Numbers	Mar 12, 8.30 a.m.	Mar 12, 12.30 p.m.	Mar 12, 8.30 p.m.
China Industrial Production YoY	Mar 17, 10.00 p.m.	Mar 18, 2.00 a.m.	Mar 18, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Mar 20, 2.00 p.m.	Mar 20, 6.00 p.m.	Mar 21, 2.00 a.m.
U.S. Core PCE Price Index	Mar 29, 8.30 a.m.	Mar 29, 12.30 p.m.	Mar 29, 8.30 p.m.
China NBS Manufacturing PMI	Mar 30, 9.30 p.m.	Mar 31, 1.30 a.m.	Mar 31, 9.30 a.m.
China Caixin Manufacturing PMI	Mar 31, 9.45 p.m.	Apr 1, 1.45 a.m.	Apr 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Apr 1, 10.00 a.m.	Apr 1, 3.00 p.m.	Apr 1, 10.00 p.m.
U.S. Non Farm Payrolls	Apr 5, 8.30 a.m.	Apr 5, 1.30 p.m.	Apr 5, 8.30 p.m.
U.S. Inflation Numbers	Apr 10, 8.30 a.m.	Apr 10, 1.30 p.m.	Apr 10, 8.30 p.m.
FOMC Minutes	Apr 10, 2.00 p.m.	Apr 10, 7.00 p.m.	Apr 11, 2.00 a.m.
China Inflation Rate YoY	Apr 10, 9.30 p.m.	Apr 11, 2.30 a.m.	Apr 11, 9.30 a.m.
China Balance of Trade	Apr 12, 11.00 p.m.	Apr 13, 4.00 a.m.	Apr 13, 11.00 a.m.
China Industrial Production YoY	Apr 15, 10.00 p.m.	Apr 16, 3.00 a.m.	Apr 16, 10.00 a.m.
U.S. Core PCE Price Index	Apr 26, 8.30 a.m.	Apr 26, 1.30 p.m.	Apr 26, 8.30 p.m.
China NBS Manufacturing PMI	Apr 29, 9.30 p.m.	Apr 30, 2.30 a.m.	Apr 30, 9.30 a.m.
China Caixin Manufacturing PMI	Apr 29, 9.45 p.m.	Apr 30, 2.45 a.m.	Apr 30, 9.45 a.m.

Source: CME Group, Quikstrike

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