After reaching record highs in Q1, gold prices fell and activity slowed as participants navigated a rapidly evolving macroeconomic landscape. Activity across our Gold futures complex grew +2%YoY through Q2, led primarily by our active trader-friendly suite: Micro Gold and 1-Ounce Gold contracts traded 350K and 58K in average daily volume (ADV) respectively.

Earlier in the year, we added October as an active contract month for our benchmark Gold (GC) contract to align the daily settlement process with Gold options.

1-Ounce Gold (1OZ) futures are now trading 24/7 continuously. During the inaugural weekend of this new schedule, nearly 15,000 contracts were traded, representing approximately $60 million in notional value.

Directly tied to the CME Gold benchmark price, our 1OZ contract features a low upfront margin requirement, providing greater capital efficiency than similar positions for standard gold exchange-traded funds (ETFs). The removal of the 60-minute daily electronic trading break provides uninterrupted risk mitigation and liquidity access for global overnight participants during major non-U.S. macroeconomic releases.

Silver continues to demonstrate its unique role as both a precious and industrial metal in Q2. While shifting interest rate expectations and persistent geopolitical uncertainty fueled investment interest, structural demand from electronics and AI sectors continued to underpin silver’s longer-term outlook.

Trading activity across our Silver complex reflected continued market participation. Benchmark Silver (SI) futures averaged 64K ADV in Q2, with volumes recovering in June after tempered activity earlier in the quarter. Micro Silver (SIL) futures averaged 74K ADV, reflecting continued demand for smaller-sized contracts. Meanwhile, our new 100-Ounce Silver futures continued to gain traction, reaching a record 26K ADV in June and averaging 21K for Q2.

Trade policy took center stage in copper markets during Q2 as market participants awaited the U.S. commerce secretary’s decision on potential additional tariffs on refined copper imports. While the anticipated June 30 deadline passed without an announcement, the prospect of additional tariffs remained a key driver.

Underlying copper prices remained within range around $6.20/lb, edging closer to record highs as market participants remained optimistic about the potential improvement in the Middle East situation. Prices drew support, drawing from longer-term demands in AI and energy transition as well as other geopolitical factors resulting in COMEX-approved warehouses holding record levels of U.S. inventory (700,000 short tons).

Despite these crosscurrents, open interest (OI) remains robust: Benchmark Copper (HG) futures averaged 258K ADOI during the quarter. Micro Copper futures are up 76% YTD at the end of Q2, with 25K ADV.

The U.S. steel market remained shaped by evolving trade policy and domestic supply dynamics in Q2, as market participants continued to navigate uncertain pricing environments. Our Hot Rolled Coil (HRC) Steel futures remained an important tool for managing price risk.

HRC futures averaged 1.5K contracts ADV in Q2 while OI climbed to a record 41K, underscoring continued engagement from commercial participants despite ongoing uncertainty.  Meanwhile, our North European Hot-Rolled Coil (EHR) futures hit a record Q2, ending June with 450 contracts ADV while OI climbed to over 10K. This milestone is driven by growing screen and block liquidity, supported by rising participation during the European day and a significant uptick in the region's morning screen liquidity for both outrights and spreads.