In October, our Metals suite saw a record average daily volume (ADV) of 1.7 million contracts, marking an impressive 165% increase compared to the previous year. This growth was driven by record ADV in several key products, including Micro Gold (MGC) futures, Gold (OG) options, Micro Silver (SIL) futures and 1-Ounce Gold (1OZ) futures.

Our annual Precious Metals Dinner, the pinnacle of New York Platinum Week, took place on September 17 at the wonderful Gotham Hall in New York. The event successfully brought together top precious metals producers, traders, strategists and thought leaders to celebrate the industry. Highlights include an excellent and thought-provoking fireside chat with Mohamed El-Erian on the precious metals market outlook. We extend our sincere thanks to our valued sponsors for making this event possible.

Powered by the incredible momentum of its Micro Gold, Silver and Copper futures contracts, including an all-time high of 1.2 million Micro Gold contracts traded on October 17, this suite signals a major shift in precious metals trading. 

By offering smaller, more accessible contract sizes for gold, silver and copper, we have lowered the barrier to entry. This enables individual investors, just like institutional participants, to efficiently manage risk and diversify their portfolios with precious metals. 

Furthermore, the deep liquidity and the effectiveness of these products provide individual traders access to transparent futures markets, especially as economic uncertainty drives interest in metals as a store of value.

While gold and silver have commanded the headlines with their price surges, Platinum (PL) and Palladium (PA) futures and options have delivered an equally spectacular, and arguably more fundamentally driven, rally. Their recent resurgence is fueled by a unique convergence of supply shocks, geopolitical tension and the accelerating clean energy transition.

The recent precious metals surge has successfully buoyed platinum and palladium volumes, pulling them into the slipstream of gold and silver's record activity.

Notably, Palladium futures volume has been strong, registering around 43K contracts per day in Q3, a significant 22% increase compared to last year, reflecting intense speculative and industrial hedging activity.

Similarly, palladium saw 7K contracts trading per day in Q3, an increase of 9% compared to the same period in 2024. 

This high volatility, mirroring what is seen in gold and silver, has drawn in momentum traders and a wider cohort of market participants.

The recent rally in Silver (SI) futures has catapulted the metal into an unprecedented price environment, validating the confluence of its safe-haven appeal and industrial necessity.

Silver's break past the key $50 per ounce psychological and historical resistance level is far more than a technical breakout; it signals a structural shift in the market driven by physical scarcity.

Micro Silver (SIL) futures volume of 132K on October 9 was a precursor to a larger movement. The days after the breakout above the $50, specifically on October 9, 16 and 17, stood out for the high trading activity, with December 2025 futures volumes surging on the back of massive buying pressure. This intensified volume confirms broad market participation and conviction in the uptrend, moving the price rapidly through key resistance zones.

Weekly options activity across gold, silver and copper ADV increased in October, with 56K contracts trading per day across all expiries. Fridays continue to anchor the bulk (45%) of total Weeklies volume, reflecting structured preferences for managing week-over-week risk.

Our battery metals, particularly Cobalt (COB) and Lithium Hydroxide (LTH) futures, are crucial to the industry as they provide a way to manage price risk in the rapidly growing electric vehicle and battery storage sectors. 

The increasing demand for these metals, driven by the global shift towards a low-carbon economy, has led to significant price volatility. Our futures contracts offer a cost-effective and transparent mechanism for producers, consumers and traders to hedge against this price uncertainty.

Both metals are on trade for increased volume in 2025, which underscores their growing importance as essential risk management tools, enabling businesses to plan and invest with greater confidence in the face of fluctuating commodity prices. Lithium futures are 45% up year to date (YTD), while Cobalt futures are up 65%.