Gold (OG) options volumes moderated further in July, extending a three-month downtrend, which began after April’s high point. The monthly average daily volume (ADV) remained just above 35K contracts, while the ADV for Weekly options stayed just below 20K contracts.

Gold prices remained elevated, hovering between $3,275/oz and $3,370/oz in July, reflecting ongoing geopolitical risks and expectations of looser monetary policy. However, the lack of sharp directional moves kept implied volatility (IV) suppressed, as indicated in the Gold CVOL chart (solid blue line), which showed a decline in July, while the underlying gold price (light blue dotted line) continues to trade near its peak.

Despite the overall moderation in volumes, Weekly Gold options maintained a stable base of activity, with an ADV just shy of 20K contracts, reflecting its use in tactical, event-driven strategies.

These levels indicate a gradual consolidation in the market following Q2’s heightened engagement, as traders await fresh macroeconomic signals in Q3. With volatility expected to persist, Gold options remain a crucial tool for risk management. Earlier this year, we expanded the listing schedule for OG options, allowing market participants to respond dynamically to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk. Gold options are available in both monthly and Weekly formats, accessible every trading day of the week.

Copper (HXE) options volume edged higher in July, with a monthly ADV of 8K contracts, representing a 53% increase from June. Weekly options also grew, with an ADV of over 1K contracts, marking the highest level since March.

This steady rise in activity comes amid growing geopolitical tensions, including a proposed 50% U.S. tariff on copper. Underlying copper prices held firm in July, ranging between $4.50/lb and $4.80/lb, supported by resilient demand from the EV sector and easing inflationary pressure in key economies.

This volume pickup reflects a reversal of softer performance in prior months and aligns with broader improvement in base metals sentiment. With Q3 month-to-date (MTD) volumes tracking ahead of Q2, Copper options continue to play a key role for market participants responding to shifting macroeconomics and supply chain signals.

We are proud to offer best-in-class screen liquidity for Copper options, making us the only international exchange with a dedicated screen for these options. This enhanced liquidity and flexibility enable market participants to effectively navigate both short-term price fluctuations and long-term risks.

Platinum (PO) options eased slightly in July, with monthly ADV nearing 3K contracts, compared to the 4K high seen in June, which was the second strongest showing in the last 18 months. This follows a robust Q2 for Platinum options, which saw some of the highest sustained volumes in the past year.

Platinum’s price continued to rally in the month to around $1,470/oz before dipping slightly to around $1,440/oz. Recent macro developments, including a rebound in South African PGM output and a slowdown in Chinese imports, have weighed on near-term sentiment. However, medium-term fundamentals remain constructive, supported by clean energy applications.

Earlier this year, we introduced new Friday expirations for Platinum Weekly options, providing market participants with expanded flexibility to manage short-term price risks in the PGM market. In July, Weekly options saw a small but encouraging 18 contracts traded, suggesting growing investor appetite for short-term tactical exposure characterized by supply constraints.

Silver (SO) options activity held relatively steady in July, with monthly ADV tracking slightly below June at 10.5K contracts. However, Weekly options maintained a consistent pace at 3.5K contracts, flat from June.

The underlying silver market traded within the range of $35/oz to $39/oz through the month, supported by macroeconomic crosswinds. While U.S. inflation data came in softer than expected, the strength of the dollar and mixed signals from global indices limited the upside in silver.

The consistency in Weekly options use underscores the growing structural role of short-tenor contracts around key macro data releases and in effectively navigating short-term price fluctuations.

Weekly options activity across gold, silver and copper held up through July, with combined ADV averaging 27K contracts, largely in line with June figures. ADV saw relatively consistent performance across all five weekday expiries compared to May, though Fridays continue to dominate flows, reflecting a structured preference for managing week-over-week risk.

Despite quieter conditions in some underlying markets, the consistency in weekly flows throughout July suggests market participants are actively navigating news-driven volatility from macroeconomic events and shifting global dynamics.

Since its introduction in 2014, our suite of Metals Weekly options for gold, silver and copper allows market participants to gain exposure and manage price risk more precisely every day of the trading week.