• Gold price ended February at $1,836.70/oz., down about 5.6% MoM, reversing the gain in January. The higher-than-expected non-farm payrolls print, coupled with further expected rate hikes which strengthened the U.S. dollar, contributed to downward pressure on price of the yellow metal.
  • Similar to gold, silver prices faced headwinds and ended the month at $21.070/oz., down about 12.4% MoM. Q1 2023 Micro Silver futures (SIL) ADV reached above 11,000 contracts, a level not seen since Q1 2021, up about 27% from Q4 2022.
  • Despite the initial high expectation of China’s reopening would push copper prices higher, few signs have shown increase in actual copper demand from one of the world’s largest Copper consumers. With rising strength of U.S. dollar, copper ended the month at $4.0895/lb., down about 3.4% MoM.
  • Micro Copper futures (MHG) February ADV continues the upward momentum and achieved another record of 5,855 contracts traded daily, up about 7.2% MoM, with ADOI standings at a historical high of 2,536 contracts.

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 February 1 to February 28, 2023)

Key Economic Events in March/April 2023:

Key Economic Event




China Balance of Trade

March 6, 10:00 p.m.

March 7, 3:00 a.m.

March 7, 11:00 a.m.

U.S. Balance of Trade

March 8, 8:30 a.m.

March 8, 1:30 p.m.

March 8, 9:30 p.m.

China Inflation Rate

March 8, 8:30 p.m.

March 9, 1:30 a.m.

March 9, 9:30 a.m.

U.S. Non-Farm Payrolls

March 10, 8:30 a.m.

March 10, 1:30 p.m.

March 10, 9:30 p.m.

U.S. Inflation Numbers

March 14, 8:30 a.m.

March 14, 12:30 p.m.

March 14, 8:30 p.m.

China Industrial Production YoY

March 14, 10:00 p.m.

March 15, 2:00 a.m.

March 15, 10:00 a.m.

Fed Interest Rate Decision and FOMC Economic Projections

March 22, 2:00 p.m.

March 22, 6:00 p.m.

March 23, 2:00 a.m.

China NBS Manufacturing PMI

March 30, 9:30 p.m.

March 31, 2:30 a.m.

March 31, 9:30 a.m.

China Caixin Manufacturing PMI

April 2, 9:45 p.m.

April 3, 2:45 a.m.

April 3, 9:45 a.m.

U.S. ISM Manufacturing PMI

April 3, 10:00 a.m.

April 3, 3:00 p.m.

April 3, 10:00 p.m.

U.S. Balance of Trade

April 5, 8:30 a.m.

April 5, 1:30 p.m.

April 5, 8:30 p.m.

U.S. Non-Farm Payrolls

April 7, 8:30 a.m.

April 7, 1:30 p.m.

April 7, 8:30 p.m.

China Inflation Rate YoY

April 10, 9:30 p.m.

April 11, 2:30 a.m.

April 11, 9:30 a.m.

U.S. Inflation Numbers

April 12, 8:30 a.m.

April 12, 1:30 p.m.

April 12, 8:30 p.m.

FOMC Minutes

April 12, 2:00 p.m.

April 12, 7:00 p.m.

April 13, 2:00 a.m.

China Balance of Trade

April 12, 11:00 p.m.

April 13, 4:00 a.m.

April 13, 11:00 a.m.

China Industrial Production YoY

April 17, 10:00 p.m.

April 18, 3:00 a.m.

April 18, 10:00 a.m.

China NBS Manufacturing PMI

April 29, 9:30 p.m.

April 30, 2:30 a.m.

April 30, 9:30 a.m.

Useful resources

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