CME Group Micro Gold, Silver and Copper Products Update

Highlights

For a second month in a row, the COMEX active month gold price reached another all-time high of $2,452.20/oz. on May 20, 2024, as the U.S. dollar showed weakness, inflation remained sticky and geopolitical tensions lingered. The price was under pressure towards the end of the month with the Federal Reserve leaning hawkish, highlighting the possibility of the rates to stay higher for longer while some market participants took the profit. The price of gold ended the month at $2,345.80/oz., up 1.9% MoM.
Silver prices, driven by the same factors as gold, also broke through the key resistance level of $30/oz. However, the magnitude of price change is larger for silver with 14.2% MoM gain that settled May at $30.440/oz.
Driven by supply concerns and growing interest in the energy transition, copper prices reached a new historical high of nearly $5.20/lb. Prices later cooled to $4.6020/lb. (up 0.8% MoM) due to unexpected contraction in Chinese PMIs, raising concerns about actual demand.
Increased interest in gold, silver and copper drove record trading volumes in Micro Gold (MGC) and Micro Silver (SIL) contracts, with quarterly ADV reaching 132,589 contracts (+104% QoQ) and 26,444 contracts (+224% QoQ) respectively. Micro Copper futures (MHG) also set new monthly records with a May ADV of 30,928 contracts (+140% MoM) and ADOI of 5,878 contracts (+18% MoM). This robust liquidity allows market participants to trade efficiently.

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 May 3 to May 31, 2024)

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

Key Economic Events in June/July 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
U.S. ISM Manufacturing PMI	Jul 1, 10.00 a.m.	Jul 1, 3.00 p.m.	Jul 1, 10.00 p.m.
FOMC Minutes	Jul 3, 2.00 p.m.	Jul 3, 7.00 p.m.	Jul 4, 2.00 a.m.
U.S. Non Farm Payrolls	Jul 5, 8.30 a.m.	Jul 5, 1.30 p.m.	Jul 5, 8.30 p.m.
China Inflation Rate YoY	Jul 9, 9.30 p.m.	Jul 10, 2.30 a.m.	Jul 10, 9.30 a.m.
U.S. Inflation Numbers	Jul 11, 8.30 a.m.	Jul 11, 1.30 p.m.	Jul 11, 8.30 p.m.
China Balance of Trade	Jul 12, 11.00 p.m.	Jul 12, 4.00 a.m.	Jul 13, 11.00 a.m
China Industrial Production YoY	Jul 14, 10.00 p.m.	Jul 15, 3.00 a.m.	Jul 15, 10.00 a.m.
U.S. Core PCE Price Index	Jul 26, 8.30 a.m.	Jul 26, 1.30 p.m.	Jul 26, 8.30 p.m.
China NBS Manufacturing PMI	Jul 30, 9.30 p.m.	Jul 31, 2.30 a.m.	Jul 31, 9.30 a.m.
China Caixin Manufacturing PMI	Jul 31, 9.45 p.m.	Aug 1, 2.45 a.m.	Aug 1, 9.45 a.m.

Source: CME Group, Quikstrike

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