Following the heightened volatility swings of late January, Gold (OG) options moderated in month-to-date average daily volume (ADV), which reached 56K for monthly contracts and 20K for Weekly tenors.

Gold prices remain elevated near $4,990/oz as markets recalibrate following the release of FOMC minutes and shifting expectations around U.S. monetary policy. Despite the underlying gold price (dashed line) consolidating near record peaks, Gold CVOL (solid line) highlights a significant retreat from its early-year spike. This suggests that while the idea of gold as a safe-haven asset has tempered, implied volatility remains historically elevated as the market anticipates the next major directional move.

With rates left unchanged, the FedWatch tool captures the latest market positioning, suggesting that expectations for a near-term cut are unlikely. Available every trading day in both monthly and Weekly contracts, Gold options enable market participants to dynamically respond to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk.

Following a good start to 2026, Copper (HXE) options volumes tempered slightly in February, with monthly average daily volume (ADV) reaching 7.7K contracts and Weekly options averaging 570 contracts per day. While underlying copper prices climbed toward $5.80/lb, trading activity remained subdued as several Asian markets closed for the Lunar New Year. Furthermore, gains were capped by exchange-monitored inventories rising to an 11-month high, reinforcing concerns regarding near-term oversupply.

Beyond immediate supply dynamics, the market faces looming policy risks as the U.S. Department of Commerce prepares to release findings on cathode imports. 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, 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 pulled back in February, with month-to-date volume reaching 630 contracts. This decline in participation follows the stronger engagement levels observed throughout much of 2025. Platinum prices retreated to approximately $2,083/oz, marking a two-month low that tracks a broader pullback across the precious metals complex and a slight easing in geopolitical tensions.

On the fundamental side, persistent supply disruptions in South Africa continue to pose a challenge; however, these constraints are currently being offset by steady recycling volumes and sufficient above-ground stocks. This availability has eased investor concerns regarding immediate market tightness, contributing to the current softening of price action.

Silver (SO) options activity moderated in February, with monthly ADV tracking around 10.7K contracts and Weekly options at1.9K contracts. This moderation follows a period of intense volatility and renewed selling pressure that began in late January. Despite the recent dip in monthly activity, the broader trend remains positive. Q1 2026 volumes are significantly elevated compared to previous years, highlighting a period of sustained structural growth since 2024.

This growth underscores silver’s dual role as both a precious metal and an industrial input, making it uniquely sensitive to shifting macroeconomic trends and industrial demand expectations. Weekly options continue to provide a critical tool for market participants, offering the flexibility needed to manage short-term risks surrounding economic data releases and evolving sentiment within the precious metals complex.

Trading activity in Gold, Silver and Copper Weekly options remained resilient in February 2026, with ADV finishing just shy of 25K contracts despite a slight tempering from January’s highs. While Friday expiries continue to serve as the market's liquidity anchor, traders are increasingly using Monday through Thursday listings to 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.