CME Group Micro Gold, Silver and Copper Products Update

Highlights

Gold prices hit an all-time high of $2,448.80/oz. on April 12, 2024, on the back of hotter-than-expected NFP, sticky inflation and rising geopolitical risk. These factors attracted inflow of funds as shown by increasing managed money long positions to around two-year high. Despite the pullback towards the end of the month as profit-taking and U.S. dollar strength took effect, Gold prices managed to settle at $2,302.90/oz., up 2.9% MoM, heading into the next Fed’s meeting and NFP in May.
Riding on the price momentum of its yellow counterpart, Silver prices also reached its three-year high of almost $30/oz. on April 12, 2024, but the consolidation in the second half of the month brought the price back to $26.655/oz., up ~7.0% MoM. With that said, the managed money long positions remained elevated.
Key Chinese smelters’ decision to cut output by 10% this year due to plunging refining fees and shutdown of Cobre mine in Panama have raised supply concerns and inflow of funds buying pushed the managed money long positions to three-year high. Copper prices rallied 13.9% MoM to close April at $4.5645/lb.
The quarterly Average Daily Volume (ADV) of our Micro Gold (MGC) and Micro Silver (SIL) contracts are sitting on the highest records since launch. MGC is up ~154% and SIL is up ~228% QoQ. In addition, Micro Copper futures (MHG) April 2024 ADV of 12,863 contracts is the highest monthly record, up ~122% MoM. The robust liquidity allows market participants to trade efficiently even during periods of volatile price movement.

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 April 1 to April 30, 2024)

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

Key Economic Events in May/June 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
China Caixin Manufacturing PMI	Jun 2, 9.45 p.m.	Jun 3, 2.45 a.m.	Jun 3, 9.45 a.m.
U.S. ISM Manufacturing PMI	Jun 3, 10.00 a.m.	Jun 3, 3.00 p.m.	Jun 3, 10.00 p.m.
China Balance of Trade	Jun 6, 11.00 p.m.	Jun 7, 4.00 a.m.	Jun 7, 11.00 a.m.
U.S. Non Farm Payrolls	Jun 7, 8.30 a.m.	Jun 7, 1.30 p.m.	Jun 7, 8.30 p.m.
China Inflation Rate YoY	Jun 11, 9.30 p.m.	Jun 12, 2.30 a.m.	Jun 12, 9.30 a.m.
U.S. Inflation Numbers	Jun 12, 8.30 a.m.	Jun 12, 1.30 p.m.	Jun 12, 9.30 p.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Jun 12, 2.00 p.m.	Jun 12, 7.00 p.m.	Jun 13, 2.00 a.m.
China Industrial Production YoY	Jun 16, 10.00 p.m.	Jun 17, 3.00 a.m.	Jun 17, 10.00 a.m.
U.S. Core PCE Price Index	Jun 28, 8.30 a.m.	Jun 28, 1.30 p.m.	Jun 28, 8.30 p.m.
China NBS Manufacturing PMI	Jun 29, 9.30 p.m.	Jun 30, 2.30 a.m.	Jun 30, 9.30 a.m.
China Caixin Manufacturing PMI	Jun 30, 9.45 p.m.	Jul 1, 2.45 a.m.	Jul 1, 9.45 a.m.

Source: CME Group, Quikstrike

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