Over 350 key producers, traders, strategists and industry executives gathered at the annual Precious Metals Dinner (a highlight of New York Platinum Week) on September 16 to commemorate sector achievements. One notable highlight: an insightful fireside discussion featuring Glenn Youngkin, former Governor of Virginia and former co-CEO of The Carlyle Group, who shared valuable perspectives and experiences. We extend our sincere gratitude to our sponsors for their support and look forward to welcoming attendees to next year's event.

Precious Metals access continues to evolve with continuous weekend trading capabilities. Following the successful launch of 24/7 trading for 1-Ounce Gold futures on July 24, we expanded around-the-clock availability to 100-Ounce Silver futures on September 11. This transition directly addresses growing retail and institutional demand for uninterrupted weekend risk management.

The removal of the 60-minute daily electronic trading break provides nonstop risk mitigation and liquidity access for global overnight participants during major non-U.S. macroeconomic releases. 

Since going 24/7, over 200K contracts worth nearly $950 million in notional value were traded across the 1-Ounce Gold and 100-Ounce Silver contracts on the new weekend schedule.

While gold and silver markets continue to anchor macro headlines, Platinum (PL) and Palladium (PA) futures experienced distinct structural positioning in Q3. Driven by constrained mine supply, automotive catalyst demand and strategic industrial hedging, market participants have increasingly turned to PGM futures to manage key supply-chain pricing risks. 

Platinum futures averaged 21.1K contracts ADV in Q3 while OI climbed to 60K, underscoring strong commercial engagement as market participants managed tight physical supply dynamics.

Similarly, Palladium futures averaged 5.7K contracts ADV in Q3, ending September with OI climbing to nearly 18K. This milestone was driven by heightened trading activity, supported by rising participation from industrial hedgers and institutional traders across auto catalyst and clean-tech supply chains.

Throughout Q3, shifting trade regulations and changing domestic supply lines tested the resilience of U.S. steel markets. Against this volatile pricing backdrop, our Hot Rolled Coil (HRC) Steel futures remained an important tool for managing price risk. 

HRC futures averaged 1.6K contracts ADV in Q3 while OI climbed to a record 42K, underscoring continued engagement from commercial participants despite ongoing uncertainty. 

Across the Atlantic, our North European Hot-Rolled Coil (EHR) futures hit a record Q3, ending September with 470 contracts ADV while OI climbed to over 10K. This milestone was driven by growing screen and block liquidity, supported by rising participation during the European day and backed by a noticeable increase in morning screen and block activity across both outright positions and calendar spreads. 

To understand how distinct regional trade policies and market mechanisms keep U.S. and European steel pricing fragmented, read our newly released research paper and the latest Steel Insights report. 

Copper (HG) futures averaged 68K contracts ADV through Q3 year to date (YTD) while open interest climbed 31% year over year (YoY) to over 301K contracts, led by expanding participation from producers, swap dealers and managed money. Meanwhile, Micro Copper (MHG) futures averaged 21K contracts ADV, demonstrating strong retail and institutional adoption.

This heightened liquidity reflects ongoing positioning around shifting U.S. trade policy dynamics. Anticipation of potential tariffs caused domestic futures to trade at a premium over European pricing, pulling imported metal into U.S. vaults and expanding COMEX registered stocks from 88.5K metric tons in early 2025 to over 711K metric tons by October 2026.

Our Battery Metal suite, specifically Cobalt (COB) and Lithium Carbonate (LTC) futures, serves a critical industry function by providing effective mechanisms for price risk management across the expanding electric vehicle and battery storage sectors.

Accelerating demand for these materials, driven by the global transition toward a low-carbon economy, has generated substantial price volatility. Consequently, our futures contracts establish a cost-effective and transparent framework enabling producers, commercial consumers and market participants to mitigate exposure to pricing uncertainties.

COB futures averaged 250 contracts ADV in Q3 while OI climbed to a record 15K, underscoring continued engagement from commercial participants despite ongoing uncertainty. Our LTC futures hit a record Q3, ending September with 120 contracts ADV while OI climbed to over 6.5K.

Growth trajectories remain positive through 2026, 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 carbonate futures are 189% up year to date (YTD), while Cobalt futures are up 76%.