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
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 March 1 to March 28, 2024)
Key Economic Events in April/May 2024:
|
Key Economic Event |
ET |
GMT / BST |
SGT / HKT |
|---|---|---|---|
|
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. |
|
U.S. ISM Manufacturing PMI |
May 1, 10.00 a.m. |
May 1, 3.00 p.m. |
May 1, 10.00 p.m. |
|
U.S. Fed Interest Rate Decision and Fed Press Conference |
May 2, 2.00 p.m. |
May 2, 7.00 p.m. |
May 3, 2.00 a.m. |
|
U.S. Non Farm Payrolls |
May 3, 8.30 a.m. |
May 3, 1.30 p.m. |
May 3, 8.30 p.m. |
|
China Balance of Trade |
May 8, 11.00 p.m. |
May 9, 4.00 a.m. |
May 9, 11.00 a.m. |
|
China Inflation Rate YoY |
May 10, 9.30 p.m. |
May 11, 2.30 a.m. |
May 11, 9.30 a.m. |
|
U.S. Inflation Numbers |
May 15, 8.30 a.m. |
May 15, 1.30 p.m. |
May 15, 8.30 p.m. |
|
China Industrial Production YoY |
May 16, 10.00 p.m. |
May 17, 3.00 a.m. |
May 17, 10.00 a.m. |
|
FOMC Minutes |
May 22, 2.00 p.m. |
May 22, 7.00 p.m. |
May 23, 2.00 a.m. |
|
China NBS Manufacturing PMI |
May 30, 9.30 p.m. |
May 31, 2.30 a.m. |
May 31, 9.30 a.m. |
|
U.S. Core PCE Price Index |
May 31, 8.30 a.m. |
May 31, 1.30 p.m. |
May 31, 8.30 p.m. |
Source: CME Group, Quikstrike
Useful resources
Stay up-to-date with the latest probabilities of FOMC rate moves with the CME FedWatch Tool.
The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.
Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.
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