CME Group Micro Gold, Silver and Copper Products Update – April 2024
16 Apr 2024
Highlights
- Gold price achieved 8.9% MoM growth to close March 2024 at $2,238.40/oz., the highest monthly price gain since July 2020. Despite hotter-than-expected NFP and sticky inflation rate that postponed Federal Reserve’s rate cut start date, the continuous building of managed money net positions alongside ongoing geopolitical risk events, these have supported gold price toward the upside.
- Similar to its yellow counterpart, silver prices managed to settle at $24.915/oz., up 8.9% MoM on the back of increased investor net long positioning. The increase in silver price lagged behind the increase in gold price, as reflected in the rising Gold/Silver ratio since the middle of the month.
- Copper prices traded above $4/lb. for the first time since August 2023 and ended the month at $4.0070/lb., up 4.2% MoM. This is due to Chinese copper smelters agreeing to lower their output amid plummeting ore processing fees and rising managed money long positions to 87,053 contracts, the highest since May 2021.
- Micro Copper futures (MHG) average daily volume (ADV) of 5,795 contracts and average daily open interest (ADOI) of 3,290 contracts achieved second highest since product launch and the improved liquidity allows efficient trading among market participants.
Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update
