CME Group Micro Gold, Silver and Copper Products Update

Highlights

Gold price entered a consolidation mode following a move to risky assets after President-elect Donald J. Trump secured the White House in the U.S. election. The ceasefire between Israel and Hezbollah further reduced the geopolitical risk the market is facing, leading the gold price to settle 2.5% lower MoM at $2,681.0/oz. However, the expectation of another 25 basis points rate cut before the year ends and concerns around reflation limited the downside.
In addition to the factors affecting its yellow counterpart, the weak industrial demand outlook for silver added more pressure onto the prices to close November at $31.110/oz., down 5.2% MoM.
Copper prices ended November at $4.1400/lb., down 4.6% MoM, due to a strong U.S. dollar and concerns over the lack of fresh Chinese stimulus to support the demand of the red metal.
Micro Gold (MGC) futures and Micro Silver (SIL) futures trading activity remained robust, with Q4 average daily volume (ADV) reaching 125,166 contracts and 24,421 contracts, up 10% and 21% respectively 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 November 1 to November 29, 2024)

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

Key Economic Events in December 2024/January 2025:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
China Caixin Manufacturing PMI	Jan 1, 8.45 p.m.	Jan 2, 1.45 a.m.	Jan 2, 9.45 p.m.
U.S. ISM Manufacturing PMI	Jan 3, 10.00 a.m.	Jan 3, 3.00 p.m.	Jan 3, 11.00 p.m.
FOMC Minutes	Jan 8, 2.00 p.m.	Jan 8, 7.00 p.m.	Jan 9, 3.00 a.m.
U.S. Non Farm Payrolls	Jan 10, 8.30 a.m.	Jan 10, 1.30 p.m.	Jan 10, 9.30 p.m.
China Inflation Rate YoY	Jan 11, 8.30 p.m.	Jan 12, 1.30 a.m.	Jan 12, 9.30 a.m.
China Balance of Trade	Jan 11, 10.00 p.m.	Jan 12 3.00 a.m.	Jan 12, 11.00 a.m.
U.S. Inflation Numbers	Jan 13, 8.30 a.m.	Jan 13, 1.30 p.m.	Jan 13, 9.30 p.m.
China Industrial Production YoY and GDP Growth Rate YoY	Jan 16, 9.00 p.m.	Jan 17, 2.00 a.m.	Jan 17, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Jan 29, 2.00 p.m.	Jan 29, 7.00 p.m.	Jan 30, 3.00 a.m.
China NBS Manufacturing PMI	Jan 30, 8.30 p.m.	Jan 31, 1.30 a.m.	Jan 31, 9.30 a.m.
China Caixin Manufacturing PMI	Jan 30, 8.45 p.m.	Jan 31, 1.45 a.m.	Jan 31, 9.45 a.m.
U.S. Core PCE Price Index	Jan 31, 8.30 a.m.	Jan 31, 1.30 p.m.	Jan 31, 9.30 p.m.

Source: CME Group, Quikstrike

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