- What are Metals Weekly options?
- What are the contract symbols for Metals Weekly options?
- How can I trade Metals Weekly options?
- What are the contract specifications?
- What are the listed option contracts?
- What are the strike price increments for the Metals Weekly options?
- When do Weekly options expire?
- What are the hours of trading?
- How can I get set up for trading Metals Weekly options?
- What is the block trade minimum for the Metals Weekly options?
- Where are the official product rules for the Metals Weekly options found?
1. What are Metals Weekly options?
Metals Weekly options are based on their underlying futures contract. They have weekly expiries and are available on Gold futures (Mon., Tues., Wed., Thurs., Fri.), Silver futures (Mon., Tues., Wed., Thurs., Fri.), Copper futures (Mon., Tues., Wed., Thurs., Fri. plus three additional week one Wednesdays), Micro Gold futures (Mon., Wed., Fri.), Platinum futures (Fri.) and Palladium futures (Fri.).
2. What are the contract symbols for Metals Weekly options?
Gold Weekly option
- Monday: G1M, G2M, G3M, G4M, G5M
- Tuesday: G1T, G2T, G3T, G4T, G5T
- Wednesday: G1W, G2W, G3W, G4W, G5W
- Thursday: G1R, G2R, G3R, G4R, G5R
- Friday: OG1, OG2, OG3, OG4, OG5
Silver Weekly option
- Monday: M1S, M2S, M3S, M4S, M5S
- Tuesday: S1T, S2T, S3T, S4T, S5T
- Wednesday: W1S, W2S, W3S, W4S, W5S
- Thursday: R1S, R2S, R3S, R4S, R5S
- Friday: SO1, SO2, SO3, SO4, SO5
Copper Weekly option
- Monday: H1M, H2M, H3M, H4M, H5M
- Tuesday: H1T, H2T, H3T, H4T, H5T
- Wednesday: H1W, H2W, H3W, H4W, H5W
- Thursday: H1R, H2R, H3R, H4R, H5R
- Friday: H1E, H2E, H3E, H4E, H5E
Micro Gold Weekly option
- Monday: 1MG, 2MG, 3MG, 4MG, 5MG
- Wednesday: 1WG, 2WG, 3WG, 4WG, 5WG
- Friday: 1FG, 2FG, 3FG, 4FG, 5FG
Platinum Weekly option
Friday: P1L, P2L, P3L, P4L, P5L
Palladium Weekly option
Friday: PE1, PE2, PE3, PE4, PE5
3. How can I trade Metals Weekly options?
The option contracts are available to trade on-screen via Globex and for submission for clearing through ClearPort. ClearPort trades can be submitted bilaterally between counterparties or via permissioned brokers. Find out more information about ClearPort registration, visit Registering for ClearPort.
4. What are the contract specifications?
Gold Weekly option
The Gold Weekly option contracts are 100 troy ounces, the same size as Gold futures. The contracts are priced in U.S. dollars and cents per troy ounce and the minimum price fluctuation is $0.10 per troy ounce.
Silver Weekly option
The Silver Weekly option contracts are 5,000 troy ounces, the same size as Silver futures. The contracts are priced in U.S. dollars and cents per troy ounce and the minimum price fluctuation is $0.001 per troy ounce.
Copper Weekly option
The Copper Weekly option contracts are 25,000 pounds, the same size as Copper futures. The contracts are priced in U.S. dollars and cents per pound and the minimum price fluctuation is $0.0005 per pound.
Micro Gold Weekly option
The Micro Gold Weekly option contracts are 10 troy ounces, the same size as Micro Gold futures and 1/10 the size of the benchmark Gold futures contract. The contracts are priced in U.S. dollars and cents per troy ounce and the minimum price fluctuation is $0.10 per troy ounce.
Platinum Weekly option
The Platinum Weekly option contract is 50 troy ounces, the same size as Platinum futures. The contract is priced in U.S. dollars and cents per troy ounce and the minimum price fluctuation is $0.10 per troy ounce.
Palladium Weekly option
The Palladium Weekly option contract is 100 troy ounces, the same size as Palladium futures. The contract is priced in U.S. dollars and cents per troy ounce and the minimum price fluctuation is $0.10 per troy ounce.
5. What are the listed option contracts?
- Weekly option contracts for Gold, Silver, Micro Gold, Platinum and Palladium are listed for four weeks.
- Weekly option contracts for Copper are listed for four weeks plus three additional week one Wednesday contracts.
- No Weekly contracts listed with the same expiry day as the Monthly option.
6. What are the strike price increments for the Metals Weekly options?
Gold Weekly option
Minimum 40 strikes at $5.00 per troy ounce increment above and below the at-the-money strike plus dynamic strikes at $5.00 per troy ounce increment above and below the highest and lowest pre-listed strikes.
Silver Weekly option
Minimum 20 strikes at $0.05 per troy ounce increment above and below the at-the-money strike then 20 strikes at $0.25 per troy ounce increment above and below the highest and lowest pre-listed $0.05 increment plus dynamic strikes at $0.05 per troy ounce increment.
Copper Weekly option
Minimum 20 strikes at $0.05 per pound increment above and below the at-the-money strike plus dynamic strikes at $0.05 per pound increment above and below the highest and lowest pre-listed strikes.
Micro Gold Weekly option
Minimum 40 strikes at $5.00 per troy ounce increment above and below the at-the-money strike.
Platinum Weekly option
Minimum 30 strikes above and below the at-the-money strike at $5.00 per troy ounce increment then four strikes above and below the highest and the lowest $5.00 increment strikes at $25.00 per troy ounce increment. Dynamic strikes above and below the highest and lowest pre-listed strikes at $5.00 per troy ounce increment.
Palladium Weekly option
Minimum 40 strikes above and below the at-the-money strike at $5.00 per troy ounce increment then six strikes above and below the highest and the lowest $5.00 increment strikes at $25.00 per troy ounce increment. Dynamic strikes above and below the highest and lowest pre-listed strikes at $5.00 per troy ounce increment.
7. When do Weekly options expire?
- Weekly Monday options: Expire on Monday of the contract week
- Weekly Tuesday options: Expire on Tuesday of the contract week
- Weekly Wednesday options: Expire on Wednesday of the contract week
- Weekly Thursday options: Expire on Thursday of the contract week
- Weekly Friday options: Expire on Friday of the contract week
8. What are the hours of trading?
Globex Pre-open: Sunday 4:00 p.m. - 5:00 p.m. Central Time (CT) Monday - Thursday 4:45 p.m. - 5:00 p.m. CT
Globex: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with a daily maintenance period from 4:00 p.m. - 5:00 p.m. CT
ClearPort: Sunday 5:00 p.m. - Friday 4:00 p.m. CT with no reporting Monday - Thursday from 4:00 p.m. - 5:00 p.m. CT
9. How can I get set up for trading Metals Weekly options?
Contact your clearing member or metals@cmegroup.com to get more information on getting set-up to trade the contract on Globex and/or as a block trade on ClearPort.
10. What is the block trade minimum for the Metals Weekly options?
Weekly option contracts have a block trade minimum and trades need to be reported by the broker, or by the counterparties for a bilateral trade, within 15 minutes of execution.
- Gold Weekly option: 10 contracts minimum
- Silver Weekly option: 10 contracts minimum
- Copper Weekly option: 10 contracts minimum
- Micro Gold Weekly option: 25 contracts minimum
- Platinum Weekly option: 10 contracts minimum
- Palladium Weekly option: 10 contracts minimum
11. Where are the official product rules for the Metals Weekly options found?
- Gold Weekly option, please see COMEX Rulebook [COMEX Chapter 1008]
- Silver Weekly option, please see COMEX Rulebook [COMEX Chapter 1009]
- Copper Weekly option, please see COMEX Rulebook [COMEX Chapter 1010]
- Micro Gold Weekly option, please see COMEX Rulebook [COMEX Chapter 125]
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All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
