Gold continued its run in Q1 2026, transitioning from a fundamentally driven rally to one increasingly fueled by momentum and institutional diversification, with prices holding solid around the $4,800/oz in April, since hitting its peak in late January. Central banks remain on buy mode, providing a structural floor that makes gold a primary tool for portfolio stabilization during geopolitical shifts.

The standout performer was Micro Gold (MGC) futures, which recorded a 270% surge in trading volumes year-to-date (YTD), as smaller, more accessible contract sizes attracted individual investors.

Effective January 11, 2026, rule amendments were established to:

• Add the October contract month as a lead month indicator for the Gold futures contract since the activity in this contract month has steadily increased; 
• Align the daily settlement process with the assignment process for the Gold option contract for which October is an active month.

The year started with silver hitting a historic record price of $121/oz and setting its dual status as a safe-haven asset and a critical industrial component. The surge was the result of a wave of demand as investors rushed to the metal while tech companies needed to secure supply for the next generation of AI hardware and solar panels.

Because of these big price moves, more traders than ever were trading Silver (SI) futures. Trading volume for Silver futures hit a 126K average daily volume (ADV), up 50% YTD, but the standout performer in Q1 was Micro Silver (SIL) futures with 259K trading per day, up a massive 1,064%.

Our recently launched 100-Ounce Silver (SIC) futures contract bridges the gap between entry level and Micros. Since their launch in early February, they traded on average 8K contracts per day, increasing to 16K per day in March alone. Designed for the every day trader, it’s the perfect entry point to the high demand silver market.

While gold and silver grabbed headlines in Q1, palladium moved quietly. As the world shifts toward green energies, palladium has become more widely used in the production of clean energy. Car manufacturers are switching to cheaper, more efficient palladium for their exhaust systems and for ultra pure hydrogen purification fuel-cell technology.

This drove Palladium (PA) futures volume up 7% YTD. For traders, palladium offers a unique value play. It is still priced lower than its historical peaks, but the supply is shrinking while demand for green tech is growing. It’s an ideal market for those who want to take a position on the outlook of clean energy without the crowded volatility of the bigger metals.

Copper is in demand as it remains the workhorse of the Metals complex. In Q1, prices surged as the expansion of AI data centers and electrical grids put a strain on global supplies. Global disruptions are creating a supply squeeze as the world simply isn't mining enough copper to keep up with the pace.

As the price of copper rallied in early 2026, Copper (HG) futures saw ADV of 86K contracts per day in Q1. If the world is building, wiring or digitizing, copper is in demand – it offers a direct way to trade the physical reality of the tech boom.

Lithium hydroxide prices increased 40% in Q1, marking a turning point for battery metals. Electric vehicle (EV) production continues to still be the major driver, particularly with the huge export ambition of Chinese EV manufacturers. Hedging is now becoming more prevalent amongst the supply chain, using Lithium Hydroxide (LTH) futures to lock in prices months in advance to avoid the price shocks of previous years. 

Lithium Hydroxide futures traded 980 contracts per day in January, the highest on record, with Q1 being the third highest trading volume on record.

Steel prices saw a steady climb in Q1, pushing levels not seen since January 2024, driven by a wave of new infrastructure manufacturing demand. February 2026 was a stand-out month for trading volumes, with 1.7K contracts trading per day, making it the fifth highest trading month on record. 

Trading Hot Rolled Coil Steel (HRC) futures allows market participants to lock in landed costs in an era where energy prices and logistics remain highly unpredictable.