CME Group Micro Gold, Silver and Copper Products Update

Highlights

Rising U.S. fiscal deficit, expectation of another 25 basis points rate cut, heightened geopolitical tension around the globe and uncertainty around U.S. election have led to gold prices rallying to an all-time high of above $2,800/oz. before closing out October at $2,749.30/oz., up 3.4% MoM. All eyes on the U.S. election result with managed money net positions remained elevated at close to 200K contracts.
Silver prices rose to its highest level since 2012 at $35.070/oz., on the back of factors similar to those affecting its yellow counterpart. The prices eventually gained 4.3% MoM to settle October at $32.795/oz.
Copper prices closed 4.7% lower MoM at $4.3400/lb. after initial bullish sentiment around the announcement of support measures subsided and uncertainty due to lack of further details kicked in.
Micro Gold (MGC) futures started Q4 with a robust average daily volume (ADV) of 110,453 contracts, while Micro Silver (SIL) futures ADV is sitting at the highest level of 26,386 contracts, up ~31% compared to Q3 2024.

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 October 7 to November 5, 2024)

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

Key Economic Events in November/December 2024:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
China Caixin Manufacturing PMI	Dec 1, 8.30 p.m.	Dec 2, 1.30 a.m.	Dec 2, 9.30 a.m.
U.S. ISM Manufacturing PMI	Dec 2, 10.00 a.m.	Dec 2, 3.00 p.m.	Dec 2, 11.00 p.m.
U.S. Non Farm Payrolls	Dec 6, 8.30 a.m.	Dec 6, 1.30 p.m.	Dec 6, 9.30 p.m.
China Balance of Trade	Dec 6, 10.00 p.m.	Dec 7, 3.00 a.m.	Dec 7, 11.00 a.m.
China Inflation Rate YoY	Dec 8, 8.30 p.m.	Dec 9, 1.30 a.m.	Dec 9, 9.30 a.m.
U.S. Inflation Numbers	Dec 11, 8.30 a.m.	Dec 11, 1.30 p.m.	Dec 11, 9.30 p.m.
China Industrial Production YoY	Dec 15, 9.00 p.m.	Dec 16, 2.00 a.m.	Dec 16, 10.00 a.m.
U.S. FOMC Economic Projections, Fed Interest Rate Decision and Fed Press Conference	Dec 18, 2.00 p.m.	Dec 18, 7.00 p.m.	Dec 19, 3.00 a.m.
U.S. Core PCE Price Index	Dec 20, 8.30 a.m.	Dec 20, 1.30 p.m.	Dec 20, 9.30 p.m.
China NBS Manufacturing PMI	Dec 30, 8.30 p.m.	Dec 31, 1.30 a.m.	Dec 31, 9.30 a.m.

Source: CME Group, Quikstrike

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