Q2 2020 Metals Update

  • 7 Apr 2020
  • By CME Group

CME Group launches 4GC: Gold (Enhanced Delivery) futures

  • In light of recent logistical developments in the gold market, COMEX introduced a physically-delivered Gold contract with additional delivery and trading functionalities on April 6. This contract enables delivery of Kilo, 100-ounce and 400-ounce bar sizes in current COMEX-approved depositories for maximum flexibility.
  • Our existing GC futures and options contracts will remain entirely unchanged. This includes GC futures and options.
  • The new 4GC and benchmark GC contracts are not fungible, meaning that a position in GC cannot be exchanged into an equivalent position in 4GC. However, 4GC is enabled for inter-commodity spread trading against GC on CME Globex, enabling customers to trade 4GC against GC onscreen without execution risk on either leg of the trade.

View the 4GC homepage

View the SER

LBMA and COMEX release joint statement on the gold market

  • CME Group’s New York depositories are operating normally as they have been deemed essential businesses and deliveries are occurring as planned. 
  • As of April 5, 2020, our depositories currently hold nearly 11 million ounces of GC good delivery gold (with 7 million ounces eligible), nearing a record high in terms of stock levels. Find current levels on our website here.
  • Gold stocks in London remain healthy with the latest published numbers showing record stocks of 8,326 tonnes of gold, which is equivalent to 666,045 standard 400-ounce gold bars. Visit the LBMA website for more information.

Dynamic Circuit Breakers

  • Dynamic Circuit Breakers monitor for significant price movements during a trading session. DCBs define an upper and lower limit of how far an instrument is allowed to move in a configured time interval.
  • DCB parameters for Gold, Silver, Copper, and Platinum will be increased to 10% effective April 6. Palladium DCB level has increased to 10% effective March 16. 

Read the Metals Dynamic Circuit Breakers SER

Learn more about Dynamic Circuit Breakers

Q1 2020 Metals Volume Recap

ADV: 889K contracts
Average Open Interest: 3.22m contracts 

Metal Product Q1 2020
Gold Futures 454k 
Options 95K
Silver Futures 112K
Options 12K
Copper Futures 116K
Options 3.9K
Micro Gold Futures 56K
Platinum Futures 27K
Palladium Futures 5.6K 

Around-the-clock support to navigate challenging markets

Global Command Center (GCC) is the market operations and customer service desk for electronic trading and handles inquiries, issues, and support requests from CME Globex and CME ClearPort customers and is available 24 hours a day. 

Regional numbers:

US: +1 800 438 8616
EMEA: +44 20 7623 4747
APAC: +65 6532 5010

For general, non-urgent questions, please email GCC at gcc@cmegroup.com

Email all clearing inquiries to Clearing Client Services at ccs@cmegroup.com.

If you have any questions relating to Metals products, please contact at Metals@cmegroup.com.

Expansion of CME Group Steel product suite

Two additional contracts will complement our existing US Midwest Domestic Hot-Rolled Coil Steel (CRU) futures contract, which represents the western world’s most liquid flat-rolled steel contract, with more than 3.4M short tons traded on CME Group in 2019. 

More on Steel products

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