CME Group Micro Gold, Silver and Copper Products Update

Highlights

The COMEX active month gold price settled June 2024 at $2,339.60/oz., down marginally by 0.3% MoM. The upward price action led by Canada, ECB and SNB rate-cutting decisions was offset by stronger-than-expected NFP and reports around China would pause official gold purchases for their reserves. With that said, COMEX Gold futures (GC) managed money net positions remained at an elevated level.
Silver prices mirrored its yellow counterpart on similar factors with those bearish ones pushing the prices to settle below the $30/oz. key resistance level at $29.560/oz., down 2.9% MoM.
Copper prices ended its three-month price growth and cooled 4.6% MoM to close June at $4.3915/lb. The stronger U.S. dollar, rising inventories and persistent weak demand in China have contributed to the downward price movement.
Micro Gold futures (MGC) finished Q2 2024 with second highest quarterly average daily volume (ADV) of 121,542 contracts and third highest quarterly average daily open interest (ADOI) of 35,999 contracts, up 87% and 9% QoQ respectively. Micro Silver futures (SIL) hit the highest quarterly ADV and ADOI records with 25,216 contracts (+209% QoQ) and 11,076 contracts (+17% QoQ) since product launch. The consistently growing liquidity offers higher capital efficiency for 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 June 3 to July 1, 2024)

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

Key Economic Events in July/August 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
U.S. Fed Interest Rate Decision and Fed Press Conference	Jul 31, 2.00 p.m.	Jul 31, 7.00 p.m.	Aug 1, 2.00 a.m.
China Caixin Manufacturing PMI	Jul 31, 9.45 p.m.	Aug 1, 2.45 a.m.	Aug 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Aug 1, 10.00 a.m.	Aug 1, 3.00 p.m.	Aug 1, 10.00 p.m.
U.S. Non Farm Payrolls	Aug 2, 8.30 a.m.	Aug 2, 1.30 p.m.	Aug 2, 8.30 p.m.
China Balance of Trade	Aug 7, 11.00 p.m.	Aug 8, 4.00 a.m.	Aug 8, 11.00 a.m.
China Inflation Rate YoY	Aug 8, 9.30 p.m.	Aug 9, 2.30 a.m.	Aug 9, 9.30 a.m.
U.S. Inflation Numbers	Aug 14, 8.30 a.m.	Aug 14, 1.30 p.m.	Aug 14, 8.30 p.m.
China Industrial Production YoY	Aug 14, 10.00 p.m.	Aug 15, 3.00 a.m.	Aug 15, 10.00 a.m.
FOMC Minutes	Aug 21, 2.00 p.m.	Aug 21, 7.00 p.m.	Aug 22, 2.00 a.m.
U.S. Core PCE Price Index	Aug 30, 8.30 a.m.	Aug 30, 1.30 p.m.	Aug 30, 8.30 p.m.
China NBS Manufacturing PMI	Aug 30, 9.30 p.m.	Aug 31, 2.30 a.m.	Aug 31, 9.30 a.m.

Source: CME Group, Quikstrike

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