CME Group Micro Gold, Silver and Copper Products Update

Highlights

September has seen the Federal Reserve kick start its rate reduction cycle with a 50 basis points cut and increased geopolitical tension. Both of which led to substantial addition of managed money net positions to almost 220K contracts, its highest since early 2020. Given the economic and geopolitical uncertainty heading into the last quarter of 2024, gold price settled the month at $2,659.40/oz., up 5.2% MoM.
Silver prices followed its yellow counterpart’s upward momentum to reverse a three-month losing streak and gained 7.9% MoM to close September at $31.46/oz.
In addition to the U.S. rate cut that eased the weak demand concerns, the Chinese announcement of a series of policy measures, including lower bank’s reserve requirement ratio and mortgage rates on existing home loans, gave copper prices a lift to end the month at $4.5530/lb., up 8.1% MoM.
As the market volatility ticks up, our Micro Gold (MGC) futures and Micro Silver (SIL) futures had their third best quarterly average daily volume (ADV) in product history, with 113,492 contracts and 20,224 contracts respectively.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Report

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 September 3 to September 30, 2024)

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

Key Economic Events in October/November 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Oct 1, 10.00 a.m.	Oct 1, 3.00 p.m.	Oct 1, 10.00 a.m.
U.S. Non Farm Payrolls	Oct 4, 8.30 a.m.	Oct 4, 1.30 p.m.	Oct 4, 8.30 p.m.
FOMC Minutes	Oct 9, 2.00 p.m.	Oct 9, 7.00 p.m.	Oct 10, 2.00 a.m.
U.S. Inflation Numbers	Oct 10, 8.30 a.m.	Oct 10, 1.30 p.m.	Oct 10, 8.30 p.m.
China Inflation Rate YoY	Oct 12, 9.30 p.m.	Oct 13, 2.30 a.m.	Oct 13, 9.30 a.m.
China Balance of Trade	Oct 12, 11.00 p.m.	Oct 13, 4.00 a.m.	Oct 13, 11.00 a.m.
China Industrial Production YoY and GDP Growth Rate YoY	Oct 17, 10.00 p.m.	Oct 18, 3.00 a.m.	Oct 18, 10.00 a.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.
U.S. Core PCE Price Index	Oct 31, 8.30 a.m.	Oct 31, 12.30 p.m.	Oct 31, 8.30 p.m.
China Caixin Manufacturing PMI	Oct 31, 9.45 p.m.	Nov 1, 1.45 a.m.	Nov 1, 9.45 a.m.
U.S. Non Farm Payrolls	Nov 1, 8.30 a.m.	Nov 1, 12.30 p.m.	Nov 1, 8.30 p.m.
U.S. ISM Manufacturing PMI	Nov 1, 10.00 a.m.	Nov 1, 2.00 p.m.	Nov 1, 10.00 p.m.
China Balance of Trade	Nov 6, 10.00 p.m.	Nov 7, 3.00 a.m.	Nov 7, 11.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Nov 7, 2.00 p.m.	Nov 7, 7.00 p.m.	Nov 8, 3.00 a.m.
China Inflation Rate YoY	Nov 8, 8.30 p.m.	Nov 9, 1.30 a.m.	Nov 9, 9.30 a.m.
U.S. Inflation Numbers	Nov 13, 8.30 a.m.	Nov 13, 1.30 p.m.	Nov 13, 9.30 p.m.
China Industrial Production YoY	Nov 14, 9.00 p.m.	Nov 15, 2.00 a.m.	Nov 15, 10.00 a.m.
U.S. Core PCE Price Index	Nov 27, 8.30 a.m.	Nov 27, 1.30 p.m.	Nov 27, 9.30 p.m.
FOMC Minutes	Nov 27, 2.00 p.m.	Nov 27, 7.00 p.m.	Nov 28, 3.00 a.m.
China NBS Manufacturing PMI	Nov 29, 8.30 p.m.	Nov 30, 1.30 a.m.	Nov 30, 9.30 a.m.

Source: CME Group, Quikstrike

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