Gold (OG) options volume remained flat in May, with month-to-date average daily volume (ADV) of 41K for monthly contracts and 14.2K for Weekly tenors. Underlying gold prices have likewise hovered around ~$4,500/oz for most of the month as it struggles to break out of multi-week lows despite rising 1.1% earlier in the week due to conflicting negotiating signals over the Strait of Hormuz, keeping market participants cautious over inflation risk. Yields for 10-year Treasury ticked up slightly to 4.584%, increasing the opportunity cost of holding non-yielding assets and continuing to create a headwind for gold.

Despite the underlying gold price (dashed line) consolidating, Gold CVOL (solid line) highlights a significant retreat from its early-year spike. This suggests that while the safe haven demand has tempered, implied volatility remains historically elevated as the market anticipates the next major directional move. This forward-looking volatility benchmark, along with its sub-indices for skew and convexity, is available as a direct daily data feed for institutional risk modeling.

With rates left unchanged, FedWatch captures the latest market positioning, suggesting that expectations for a near-term cut are unlikely. Available as daily options for the nearest 30 days as well as monthly contracts, Gold options enable market participants to dynamically respond to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk.

Copper (HXE) options volumes picked up in May following an early year lower in April, with monthly ADV reaching 8K contracts and Weekly options averaging 650 contracts per day. Underlying copper prices hovered around $6.2/lb, pulling back slightly from its record of $6.65/lb earlier in the month as market participants remain cautious about the situation in the Middle East. Nevertheless, prices drew support from a rally in AI related stocks, strengthening expectations for demand related to wiring in data centers.

Beyond immediate supply demand dynamics, the market also faces potential policy risks as the U.S. Department of Commerce is poised to release findings on cathode imports, with a decision expected in June. These findings could set the stage for significant trade barriers, with reports suggesting a phased duty schedule of 15% in 2027 and 30% by 2028. Just one year ago, an exemption from tariffs led to the single largest selloff in copper’s history,  introducing a new layer of structural uncertainty to the long-term outlook.

Despite these crosscurrents, steady volume across both tenors suggests that investors remain confident and are actively hedging their exposures. As the only exchange offering a screen for international Copper options, we remain the venue of choice for investors and funds seeking exposure. Our liquidity and flexibility continue to help participants navigate both short-term price swings and long-term risks effectively.

Platinum (PO) options activity in May rebounded slightly, remaining flat against March, with ADV reaching 700 for monthly tenors and 70 contracts for Weekly tenors. Platinum prices also hovered within range, trading just around $1,9400/oz marking a three-week low reflecting broader weakness across the PGM complex, rising concerns about U.S. inflation and persistent supply-side deficits in South Africa and Russia continue to leave the market sensitive to additional production shocks.

Silver (SO) options rebounded in May, with month-to-date ADV tracking at 8.1K contracts, an almost 100% increase from April’s low. Underlying prices traded just above $76/oz, stabilizing after a volatile 8% drop in the previous week.

The current price highlights silver’s dual role as both a precious metal and an industrial input. On the industrial front, structural demand from the solar and electronics sector is being tested by the broader economic pressure from the conflict in the Middle East. With rates unchanged, the prospect of prolonged higher rates increases the opportunity cost of holding non yielding assets and creates a headwind for silver.

For desks managing the resulting gamma-hedging requirements through this period of consolidation, real-time Greeks and Implied Volatility calculations are accessible via the Options Analytics API.

While monthly options saw some traction in May, Weekly options volume moderated further against April. ADV across the suite hovered around 16K contracts, with Friday expiries continuing to serve as the primary liquidity anchor. While volumes have retreated from the record breaking surge seen in late 2025 – early 2026, the consistent use of Monday through Thursday expiries highlights a structural shift towards more granular risk management as traders manage week-over-week risk with greater precision.

This shift underscores the evolution of Weekly options into a daily tactical tool, enabling market participants to navigate news-driven volatility from macroeconomic events and shifting global dynamics in real time.

Since their introduction in 2014, our suite of Metals Weekly options for Gold, Silver and Copper has allowed traders to gain exposure and manage price risk more precisely every day of the trading week. In addition, potential strategy outcomes and real-time Greeks for these tenors can be modeled and stress-tested using the Trading Simulator.