Micro Gold, Silver and Copper Products Report

Highlights

For three consecutive months, the price of gold reached historical highs, with September witnessing an impressive 10.2% month-over-month (MoM) increase to $3,873.20 per ounce. Economic uncertainty, ongoing geopolitical concerns and increased expectations of rate cuts have all contributed to the metal's growing appeal as an investment.

Silver prices also saw a significant uptick, gaining 14.5% MoM to close September at $46.640 per ounce. This marks the fifth consecutive monthly increase, bringing silver closer to a potential all-time high.

Copper prices received a boost from a supply shock. Freeport, the operator of Indonesia’s Grasberg mine, declared force majeure on contracted supplies following a recent fatal mudslide, which led to a suspension of operations. As a result, copper prices ended September at $4.8565 per pound, up 5.8% MoM.

In this rapidly rising price environment, Precious Metals contracts continue to provide robust liquidity to market participants. Notable achievements in September 2025 include:

Micro Gold (MGC) futures recorded an average daily volume (ADV) of 312,831 contracts, the second-highest monthly record in history, representing a 64.5% MoM increase.
1-Ounce Gold(1OZ) futures achieved historical highs in both ADV and average daily open interest (ADOI), with 34,163 contracts and 14,048 contracts, respectively.
Micro Silver (SIL) futures set new monthly records in both ADV and ADOI, reaching 35,732 contracts and 13,392 contracts, respectively.

Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Futures Update

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 September 5th to October 3rd, 2025)

View current open interest and changes in volume and OI by strike, put or call, and expiration.

Key economic events in October/November 2025

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Oct 1, 10.00 a.m.	Oct 1, 3.00 p.m.	Oct 1, 10.00 p.m.
U.S. Non Farm Payrolls	Oct 3, 8.30 a.m.	Oct 3, 1.30 p.m.	Oct 3, 8.30 p.m.
FOMC Minutes	Oct 8, 3.00 p.m.	Oct 8, 8.00 p.m.	Oct 9, 3.00 a.m.
China Balance of Trade	Oct 12, 11.00 p.m.	Oct 13, 4.00 a.m.	Oct 13, 11.00 a.m.
China Inflation Rate YoY	Oct 14, 9.30 p.m.	Oct 15, 2.30 a.m.	Oct 15, 9.30 a.m.
U.S. Inflation Numbers	Oct 15, 8.30 a.m.	Oct 15, 1.30 p.m.	Oct 15, 8.30 p.m.
China Industrial Production YoY	Oct 19, 10.00 p.m.	Oct 20, 3.00 a.m.	Oct 20, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Oct 29, 2.00 p.m.	Oct 29, 6.00 p.m.	Oct 30, 2.00 a.m.
U.S. GDP Growth Rate QoQ	Oct 30, 8.30 a.m.	Oct 30, 12.30 p.m.	Oct 30, 8.30 p.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.
U.S. Core PCE Price Index	Oct 31, 8.30 a.m.	Oct 31, 12.30 p.m.	Oct 31, 8.30 p.m.
RatingDog Manufacturing PMI (Previously China Caixin Manufacturing PMI)	Nov 2, 8.45 p.m.	Nov 3, 1.45 a.m.	Nov 3, 9.45 a.m.
U.S. ISM Manufacturing PMI	Nov 3, 9.00 a.m.	Nov 3, 2.00 p.m.	Nov 3, 10.00 p.m.
China Balance of Trade	Nov 6, 10.00 p.m.	Nov 7, 3.00 a.m.	Nov 7, 11.00 a.m.
U.S. Non Farm Payrolls	Nov 7, 8.30 a.m.	Nov 7, 1.30 p.m.	Nov 7, 9.30 p.m.
China Inflation Rate YoY	Nov 8, 8.30 p.m.	Nov 9, 1.30 a.m.	Nov 9, 9.30 a.m.
U.S. Inflation Numbers	Nov 13, 8.30 a.m.	Nov 13, 1.30 p.m.	Nov 13, 9.30 p.m.
China Industrial Production YoY	Nov 13, 9.00 p.m.	Nov 14, 2.00 a.m.	Nov 14, 10.00 a.m.
FOMC Minutes	Nov 19, 2.00 p.m.	Nov 19, 7.00 p.m.	Nov 20, 3.00 a.m.
U.S. Core PCE Price Index	Nov 26, 8.30 a.m.	Nov 26, 1.30 p.m.	Nov 26, 9.30 p.m.
China NBS Manufacturing PMI	Nov 29, 8.30 p.m.	Nov 30, 1.30 a.m.	Nov 30, 9.30 a.m.
RatingDog Manufacturing PMI	Nov 30, 8.45 p.m.	Dec 1, 1.45 a.m.	Dec 1, 9.45 a.m.

Source: CME Group, Quikstrike

Useful resources

CME FedWatch

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COT tool

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CME QuikStrike

Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.

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