Micro Gold (MGC), Micro Silver (SIL), and Micro Copper (MHG) futures update

  • Gold ended July around $1,780 per oz., representing a 1.4% decrease MoM. During the first half of July, Gold price was under pressure from Fed’s hawkish bias and strengthening U.S. dollar. Going into the second half, after holding a strong support at ~$1,675 per oz., market sentiment reversed after the FOMC with a more dovish commentary than some market participants had expected.
  • Silver mirrored Gold price movement to close July slightly above $20 per oz.
  • Copper also faced a sell-off caused by recessionary fear and Chinese economic slowdown. Like Gold and Silver, the Copper price recovered after the FOMC and expectations on China’s potential stimulus package for the stalling property market.
  • In 2022, Micro Gold and Micro Silver contracts traded about one-third of total volume during APAC hours (6:00 a.m. to 6:00 p.m. SGT/HKT), proving the contracts’ ability to provide consistent liquidity to market participants in this region.
  • Following the strong interest seen in Micro Gold and Micro Silver contracts, CME Group launched a Micro Copper contract (MHG) at the start of May 2022. MHG is a cash-settled futures contract with 1/10 contract size (2,500 pounds) of its standard counterpart. As of July 29, 2022, over 200,000 contracts had been traded. Open interest stands at 1,338 contracts as of July 29, 2022.

MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)

*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).

Options Heatmap (Change in OI from July 5 to August 2, 2022)

Key economic events in August/September:

  • August 4 – U.S. Balance of Trade 8:30 p.m. SGT / HK
  • August 5 – U.S. Non-Farm Payrolls 8:30 p.m. SGT / HK
  • August 7 – China Balance of Trade 11:00 a.m. SGT / HK
  • August 10 – China Inflation Rate YoY 9:30 a.m. SGT / HK
  • August 10 – U.S. Inflation Numbers 8:30 p.m. SGT / HK
  • August 15 – China Industrial Production YoY 10:00 a.m. SGT / HK
  • August 18 – FOMC Minutes 2:00 a.m. SGT / HK
  • August 31 – China NBS Manufacturing PMI 9:30 a.m. SGT / HK
  • September 1 – China Caixin Manufacturing 9:45 a.m. SGT / HK
  • September 1 – U.S. ISM Manufacturing PMI 10:00 p.m. SGT / HK
  • September 2 – U.S. Non Farm Payrolls 8:30 p.m. SGT / HK
  • September 7 – China Balance of Trade 11:00 a.m. SGT / HK
  • September 7 – U.S. Balance of Trade 8:30 p.m. SGT / HK
  • September 9 – China Inflation Rate YoY 9:30 a.m. SGT / HK
  • September 13 – U.S. Inflation Numbers 8:30 p.m. SGT / HK
  • September 16 – China Industrial Production YoY 10:00 a.m. SGT /HK
  • September 22 – Fed Interest Rate Decision, FOMC Economic Projections and Press Conference 2:00 a.m. SGT / HK
  • September 30 – China NBS and Caixin Manufacturing PMIs 9.30 a.m. SGT / HK

Useful resources

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The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.

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