Gold (OG) options volumes remained robust in November with combined average daily volume (ADV) over 100K contracts, positioning Q4 for a new quarterly high despite a slight drop from October’s record. Monthly Gold options averaged 70K ADV while Weekly options were 30K, reflecting steady tactical hedging demand. Gold prices are elevated above the $4,000/oz mark, supported by structural tailwinds, a strengthening U.S. dollar and rising optimism of a December rate cut. 

However, implied volatility (IV) remained range bound, declining in November as indicated in the gold CVOL chart (solid blue line), while the underlying gold price (light blue dotted line) continues to trade near its peak. Expectations of a Fed rate cut remain open, with traders closely watching and adjusting their expectations accordingly - a shift captured by FedWatch.

With volatility expected to persist, Gold options remain a crucial tool for risk management. Available in both monthly and weekly formats every trading day, they allow market participants to dynamically respond to geopolitical shifts and economic data releases, providing greater flexibility in managing market risk.

Copper (HXE) options volumes moderated slightly from their Q4 high in October. Monthly ADV came in just shy of 10K contracts, while Weekly options hovered around 700 contracts per day. Despite relatively muted global industrial demand, underlying copper prices traded near $5/lb, supported by supply concerns, including inventories and mine outages.

Despite these crosscurrents, the rebound in volume growth for both tenors suggests investors are cautiously confident and hedging exposures more actively. 

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

Platinum (PO) options totaled 950 contracts in November, marking a pullback from the heightened  activity seen earlier in September and October when prices and trading volume surged on supply concerns. 

Underlying platinum prices softened to around $1,500/oz, reflecting a shift in sentiment as South African PGM output rebounded and Chinese import demand moderated. 

Additionally, Friday expirations for Platinum Weekly options are available, providing market participants with expanded liquidity and  flexibility to manage short-term price risks in the PGM market.

Silver (SO) options moderated slightly but remained steady in November, with monthly ADV tracking around 15K contracts and Weekly options maintaining a consistent pace at 3.7K contracts. Q4 remains on track to be the standout for 2025, reflecting continued trading interest across both tenors. The consistent use of Weekly options underscores their growing structural role in managing short-term price fluctuations and responding to key macro data releases

The underlying silver market was range bound in November, trading between $48/oz and $50/oz, supported by softer U.S. inflation data and shifting expectations around Federal Reserve policy.

Weekly options activity across gold, silver and copper surged to an all-time high in Q4, with ADV climbing to a record of 45K contracts and on track for a new quarterly record. Friday expiries continue to anchor the bulk (45%) of total Weeklies volume, reflecting structured preferences for managing week-over-week risk. 

The consistency in weekly flows throughout November suggests market participants are using Weekly options as a tactical tool 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 market participants to gain exposure and manage price risk more precisely every day of the trading week.