Gold (OG) options volumes surged sharply in October, reaching a record high of 175K contracts in combined average daily volume (ADV) across both tenors. Monthly Gold options led this rally with an ADV of 124K contracts, while Weekly Gold options contributed a solid 51K contracts, marking the strongest performance since the early summer peak. This renewed momentum, following tempered performance in Q3, reflects increased hedging and repositioning driven by trade tensions, expectations of a Fed rate cut, a strong U.S. dollar and ongoing geopolitical risk in the Middle East.

Gold prices experience volatile swings this month, initially retreating slightly from record intraday highs near $4,300/oz to just under $4,000/oz. However, implied volatility (IV) remained range bound, as indicated in the gold CVOL chart (solid blue line), which showed a decline in October, 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 that is captured by  FedWatch.

On a quarterly basis, Weekly Gold options maintained a stable base of activity with an ADV just shy of 51K contracts, reflecting their use in tactical, event-driven strategies.

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 dynamically respond to geopolitical shifts and economic data releases, thereby 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 volumes continued their upward momentum in October, marking the third consecutive monthly gain. Monthly ADV came in at 8.7K contracts, while Weekly options recorded almost 1K contracts per day.

October’s increase aligns with a shift in sentiment surrounding copper's outlook for the rest of 2025.

The rebound in volume comes as underlying copper prices attempt to stabilize. Prices edged towards $5.10/lb as Chinese industrial activity remained muted, while regional disruptions in Indonesia’s Grasberg and Chile’s El Teneinte mines continue to tighten supply.

At the same time, lingering macroeconomic headwinds and renewed trade frictions with China have caused traders to remain cautious. 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. This liquidity and flexibility enable market participants to navigate both short-term price swings and long-term risk effectively.

Platinum (PO) options continued its climb for a second consecutive month in October, with monthly ADV hovering just above 2K, marking the third strongest showing in the last 12 months. This follows a relatively subdued Q3 for Platinum options.

Underlying platinum prices pulled back from their high earlier in the month to almost $1,600/oz amidst a stronger U.S. dollar. Meanwhile, a rebound in South African PGM outputs has provided some short-term relief, but broader concerns over structural deficits remain.

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 saw a sharp uptick in October, with monthly ADV tracking around 20.8K contracts. Similarly, Weekly options maintained a consistent pace at 5.9K contracts. These volumes are the highest monthly figures since Q2 2024, reflecting continued trading interest across both tenors.

The underlying silver market pulled back slightly to $48/oz after a brief consolidation past $50/oz earlier in the month. This was supported by strong industrial demand and broader tailwinds in precious metals. Continued uncertainty around geopolitical tensions and a U.S. Government shutdown further contribute to silver’s safe-haven interest.

The consistency use of Weekly options underscores their growing structural role in managing short-term price fluctuations and responding to key macro data releases.

Weekly options activity across gold, silver and copper surged to an all-time high in October, with ADV climbing to a record of 56K contracts across all expiries. Fridays 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 October suggests market participants are actively navigating news-driven volatility from macroeconomic events and shifting global dynamics, utilizing Weekly options as a tactical tool across trading strategies.

Since its 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.