Over one million contracts were traded each day on average in April, making it the highest trading month of all time. Tariffs and geopolitical tensions were the main drivers of volume, which also pushed gold prices to record highs. At the same time, we saw a monthly high for Micro Gold and Gold options, 287K and 157K contracts trading per day, respectively.

In this issue, we look at gold in more detail, while also looking at steel, battery metals and our micro suite of products.

Since the start of 2025, our Gold (GC) futures market has experienced unprecedented activity, driven by surging prices and heightened geopolitical tensions. 

Gold prices soared to a record $3,500 per ounce in April before pulling back, fueled by increased demand for safe-haven assets amid global uncertainties.

The current bull market has led to daily trading volumes consistently exceeding 700K contracts across all Gold futures contracts, offering unparalleled liquidity, ensuring that you can execute trades quickly and efficiently, even in the most challenging conditions.

Our varied contract sizes enable precise risk management and scalability, attracting a broad spectrum of market participants. High liquidity across all contracts ensures tight bid-ask spreads and efficient execution, making Gold futures a vital tool for hedging and speculative purposes in today’s volatile market environment.

Our Gold (GC) futures contract represents 100 troy ounces, used by institutional investors and seasoned active traders seeking substantial exposure to the gold market. 

For active traders desiring smaller positions, Micro Gold (MGC) futures at 10 troy ounces can provide an excellent tool to access the gold market. At a time of heightened volatility, our highly liquid MGC futures traded a record 550K contracts on April 23.

Our smallest 1-Ounce Gold (1OZ) futures offer our lowest capital requirements and entry point for those looking to trade the gold market for the first time.

Supply chain disruptions, geopolitical risks and trade uncertainty underscore the need for effective risk management in the critical minerals space.

Market participants can access liquid lithium and cobalt markets and choose from a variety of products that best suit their needs with key benefits being:

• Increased liquidity: Higher trading volumes ensure a deep and liquid market.

• Transparent pricing: 24/7 access to real-time pricing for informed decisions via block alerts and CME Direct.

• Risk management: Hedge against price volatility.

Comprehensive products: Ever-expanding product range with our growing Lithium and Cobalt futures and options.

Our Micro products offer market participants a way to trade the markets with less margin outlay. Copper, often seen as the bellwether for the global economy, is found in everything from household applications to EVs and green energy infrastructure. 

Micro Copper (MHG) futures have seen dramatic trading volume increases since the start of 2025, up 120% year to date as traders choose Micro Copper futures for market liquidity. 

Precious metals, often seen as a store of value during times of economic turmoil, have seen record prices and, as a result, high trading volumes. Micro Gold futures and options trading increased 86% YTD while Micro Silver (SIL) futures volumes are up 51%. The excess volumes make our markets highly liquid for traders to access 23/6. 

What is the likelihood that the Fed will change the Federal target rate at upcoming FOMC meetings? How can the interest rate affect metals prices? Can I use short-term options to help manage the risk?

Use FedWatch to track the probabilities of changes to the Fed rate, as implied by 30-Day Fed Funds futures prices for the June 17 and June 18 meeting.

Weekly Metals options offer the most precise risk management. Below are the closest contract expiries for gold, silver and copper to manage risk around the Fed meeting.

In February, the U.S. government announced it would impose 25% tariffs on all steel imports. The news led to a record month for our HRC Steel contract and the second highest trading day of all time on February 18, with 5,662 contracts traded. 

Market participants use our Steel futures and options to manage associated price risk and market volatility of U.S.-related steel.