Micro Gold, Silver and Copper Products Update – March 2025
Highlights
- The uncertainty surrounding U.S. tariffs continues to rise as President Donald Trump looks to execute his plan, creating further tensions in the global trade markets. Gold prices reached a new high of $2,974.0/oz. as tariff fears continue to build, and a weaker U.S. dollar provided additional upward support.
- Silver prices did not manage to climb higher and ended the month at $31.495/oz., down 2.4% MoM, due to weaker industrial demand concerns. However, managed money net positions remained in positive territory, indicating potential for future gains.
- The red metal market is becoming increasingly uncertain with the new order to investigate potential tariffs on U.S. copper imports. Active copper prices achieved gains for the third consecutive month, rising 1.8% to close February at $4.5480/lb.
- While gold continues to make new highs, Micro Gold (MGC) futures trading activity remains robust. The February average daily volume (ADV) reached 146,735 contracts, up 21% MoM, marking the third highest monthly record since the product's launch.
- The launch of 1-Ounce Gold (1OZ) futures has been very encouraging. The February ADV reached 8,144 contracts, and open interest ended the month at an all-time high of 2,458 contracts.
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 February 3 to February 28, 2025)
Key Economic Events in March/April 2025:
Source: CME Group, Quikstrike
Useful resources
Stay up-to-date with the latest probabilities of FOMC rate moves with the CME FedWatch Tool.
The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.
Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.
Disclaimer
Exchange traded derivatives and cleared over-the-counter (“OTC”) derivatives are not suitable for all investors and involve the risk of loss. Exchange traded and OTC derivatives are leveraged instruments and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money initially deposited. This communication does not (within the meaning of any applicable legislation) constitute a Prospectus or a public offering of securities; nor is it a recommendation, offer, invitation or solicitation to buy, sell or retain any specific investment or service.
The content in this communication has been compiled by CME Group for general purposes only and is not intended to provide, and should not be construed as advice. It does not take into account your objectives, financial situation or needs, and you should obtain appropriate professional advice before acting on or relying on the information set out in this communication. Although every attempt has been made to ensure the accuracy of the information within this communication as of the date of publication, CME Group assumes no responsibility for any errors or omissions and will not update it. Additionally, all examples and information in this communication are used for explanation purposes only and should not be considered, investment advice, the results of actual market experience, or the promotion of any particular products or services. All matters pertaining to rules and specifications herein are made subject to and superseded by official Chicago Mercantile Exchange Inc. (“CME”), the Chicago Board of Trade, Inc. (“CBOT”), the New York Mercantile Exchange, Inc. (“NYMEX”), and the Commodity Exchange, Inc. (“COMEX”) rulebooks or, as applicable, the respective Rulebooks of CME Group’s certain other subsidiary trading facilities. Current rules should be consulted in all cases including matters relevant to contract specifications.
