Gold (OG) options started 2026 on strong footing, with the month-to-date average daily volume (ADV) hitting 73K for monthly contracts and 30K for Weekly tenors. This follows a record setting Q4 in 2025, reflecting the continued interest across both products.  Gold prices advanced above $5,000/oz, hitting a new all-time high, supported by a weaker dollar and shifting U.S. and EU geopolitical dynamics.

Despite the underlying gold price (dotted light blue line) remaining at record peaks, the gold CVOL (solid blue line) highlights only a slight upward trend in implied volatility during January. This suggests sustained demand for Gold options, as the market continues to anticipate significant price movements. 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.

Copper (HXE) options volumes were off to a good start in January, with ADV reflecting continued interest into the year end. Monthly ADV reached 9.4K contracts, while Weekly options saw an uptick to 752 contracts per day. Underlying copper prices traded near $5.80/lb, buoyed by stronger demand for real assets and combined with supply constraints in Chile.

The copper market faces looming policy risks as the U.S. Department of Commerce prepares to release findings on cathode imports early this year, which could set the stage for significant trade barriers. Reports suggests 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, the volumes for both tenors suggests investors are confident and hedging exposures more actively.

We offer the only screen for Copper options on an international Exchange. We remain the venue of choice for investors and funds to gain exposure to copper, as this liquidity and flexibility help market participants navigate both short-term price swings and long-term risk effectively.

Platinum (PO) options began the new year on a familiarly strong footing, with month-to-date activity reaching 1.4K contracts, closely matching volume in the same period last year. Persistent supply deficit; a tighter physical market and the increasing role that platinum plays in China’s industrial strategy has rallied underlying prices to above $2,700/oz, the highest ever on record. The last time platinum broached the $2,000/oz level was back in February 2008.

While volumes have moderated from the higher levels seen in mid-2025, particularly the record set back in June, it still places January 2026 in the top third of monthly volumes over the last 18 months, reflecting ongoing institutional interest.

Building on the momentum in 2025, Silver (SO) options also started the year strong, with monthly ADV tracking around 18K contracts and Weekly options maintaining a consistent pace at 4K contracts. This solid volume reflects continued interest across both tenors, particularly amidst significant movement in the underlying market. While spot silver reached a record high in Jan, prices subsequently reversed, triggering a 26% decline last week, the largest one-day drop on record, before easing further.  The consistent use of Weekly options underscores their growing structural role in managing short-term price fluctuations.

Trading activity in Gold, Silver and Copper Weekly options remained resilient in January 2026, carrying forward the strong momentum from late 2025, with an ADV just shy of 35K contracts. While Friday expiries remain the liquidity anchor, traders are increasing their use of Monday through Thursday listings to manage week-over-week risk with greater precision. This trend underscores the evolution of Weekly options into a daily tactical tool, allowing market participants to actively navigate news-driven volatility from macroeconomic events and shifting global dynamics.

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.