September trading snapshot: A look at Metals options
September 2025 proved to be an eventful month for Metals options, with notable shifts in trading volumes across the board. The data highlights significant opportunities for traders who leverage these versatile instruments to manage risk and capture market movements. Here’s a breakdown of what happened in the market for our major options contracts.
The platinum surge
Platinum options have seen a dramatic increase in trading volumes in 2025. After a quiet August, volumes have picked up in September with average daily volume (ADV) hitting 1.5K contracts, up 62% year-to-date (YTD).
This explosive growth signals a major shift in market attention towards platinum, driven by evolving industrial needs, green energy advancements and investment narratives. For traders looking for new opportunities, the liquidity and flexibility of Platinum options are worth exploring.
A volatile month of trading for Gold options
Gold options experienced a dynamic September, with trading volumes showing continued growth, with September ADV reaching 91K contracts. Following the recent rate cut, gold prices experienced a surprising and rapid pullback from all-time highs, even as they later rebounded. This counterintuitive price action was attributed to the Fed's cautious tone, which tempered investor expectations for future easing. This upward trend indicates strong continued interest and activity in gold, especially with the current gold prices.
Weekly options trading also saw a significant jump. This September, ADV rose to 31K compared to 28K at this time last year. This shows that traders are actively using the shorter-dated Weekly contracts for more precise, tactical trading. For those not yet involved, Gold options offer a powerful tool for navigating market volatility and speculating on price direction.
Continued volatility in copper markets are driving volumes up
Copper prices have normalized since the surprise policy reversal on U.S. copper imports. They are currently being supported by several factors, including ongoing supply shortfalls in South America, strong long-term demand from global electrification, data centers and renewable energy projects. This has led to forecasts of a significant supply deficit for the remainder of 2025.
Copper options ADV was 6K in September as they continued to provide a valuable way to hedge against copper price swings and express a view on industrial demand.
Silver options are consistently seeing higher volumes
2025 has been a remarkable year for silver, with prices experiencing a significant and sustained rally. Starting the year at around $28.92 per ounce, silver has surged to over $41 per ounce as of late September, representing a YTD gain of over 40%.
This current rally is considered more sustainable than past surges, such as the one seen in 2011, because it’s driven by a combination of strong fundamental factors of industrial demand. Silver's role as a critical industrial metal is a key driver with relentless demand from sectors like solar panel manufacturing, electric vehicles (EVs) and AI infrastructure.
Although behind 2024 record volumes, Silver options markets are still experiencing consistently high trading volumes, with solid volumes this September, with ADV reaching 14K contracts.
Volume has been particularly notable in Weekly options, which rose from 4,148 in September 2024 to 4,783 in September 2025. Silver options are an excellent way to gain exposure to the precious metals markets.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
