CME Group Micro Gold, Silver and Copper Products Update

Highlights

A new all-time high COMEX active month gold price of $2,488.40/oz. was established on July 17, 2024. The rising expectation of the Federal Reserve rate cut in September was drawing sponsorship as we can see from the elevated managed money net positions. With that said, the hotter-than-expected PCE and profit-taking capped the monthly price gain at 5.7% ($2,473.0/oz.).
Silver prices were under pressure towards the second half of July without its yellow counterpart leading the upward momentum and the weak industrial demand for the metal. The prices eventually closed out July at $28.940/oz., down 2.1% MoM.
High level of global inventories, persistent weak Chinese demand and lack of fresh stimulus to support the property market in mainland China had led to a 4.9% monthly copper price decline, which settled July at $4.1765/lb.
Micro Gold futures (MGC) and Micro Silver futures continued to trade actively with QTD average daily volume (ADV) of 105,982 contracts and 19,651 contracts, up 68% and 88% respectively, compared to the same period last year.

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 July 1 to July 31, 2024)

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

Key Economic Events in August/September 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
China Caixin Manufacturing PMI	Sep 1, 9.45 p.m.	Sep 2, 2.45 a.m.	Sep 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Sep 3, 10.00 a.m.	Sep 3, 3.00 p.m.	Sep 3, 10.00 p.m.
U.S. Non Farm Payrolls	Sep 6, 8.30 a.m.	Sep 6, 1.30 p.m.	Sep 6, 8.30 p.m.
China Balance of Trade	Sep 6, 11.00 p.m.	Sep 7, 4.00 a.m.	Sep 7, 11.00 a.m.
China Inflation Rate YoY	Sep 8, 9.30 p.m.	Sep 9, 2.30 a.m.	Sep 9, 9.30 a.m.
U.S. Inflation Numbers	Sep 11, 8.30 a.m.	Sep 11, 1.30 p.m.	Sep 11, 8.30 p.m.
China Industrial Production YoY	Sep 13, 10.00 p.m.	Sep 14, 3.00 a.m.	Sep 14, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections, and Fed Press Conference	Sep 18, 2.00 p.m.	Sep 18, 7.00 p.m.	Sep 19, 2.00 a.m.
U.S. Core PCE Price Index	Sep 27, 8.30 a.m.	Sep 27, 1.30 p.m.	Sep 27, 8.30 p.m.
China NBS Manufacturing PMI	Sep 29, 9.30 p.m.	Sep 30, 2.30 a.m.	Sep 30, 9.30 a.m.
China Caixin Manufacturing PMI	Sep 29, 9.45 p.m.	Sep 30, 2.45 a.m.	Sep 30, 9.30 a.m.

Source: CME Group, Quikstrike

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