Micro Gold, Silver and Copper Products Report

Highlights

Back in October, the precious metals market saw significant developments driven by various factors, including geopolitical concerns, rate cut expectations, economic uncertainty and the U.S. government shutdown. These elements contributed to a bullish market environment.

Gold: The active gold price surged to a historical high of nearly $4,400/oz before settling at $3,996.5/oz by month-end, a 3.2% MoM increase. Profit-taking and a stronger U.S. dollar capped the upside.
Silver: Silver followed gold's trajectory, reaching an all-time high above $53/oz and closing October at $48.160/oz, up 3.3% MoM.
Copper: Supported by supply concerns holding prices above $5/lb, copper spiked to nearly $5.30/lb on President Donald Trump's tariff remarks. Gains moderated after the Trump-Xi talks eased tensions, with copper eventually settling at $5.0890/lb, a 4.8% increase MoM.

As the notional value of standard-sized contracts increases, market participants are leveraging smaller-sized contracts to access the liquid precious metals market more efficiently.

Key highlights from October include:

Micro Gold (MGC) futures: Achieved a record average daily volume (ADV) of 703,646 contracts, a 51% increase from the previous record.
Micro Silver (SIL) futures: Recorded an ADV of 96,071 contracts, surpassing the previous record by approximately 111%.
1-Ounce Gold (1OZ) futures: Reached historical highs in ADV and average daily open interest (ADOI) at 80,234 and 16,940 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 October 7 to November 6, 2025)

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

Key Economic Events in November/December 2025

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
U.S. ISM Manufacturing PMI	Dec 1, 10.00 a.m.	Dec 1, 3.00 p.m.	Dec 1, 11.00 p.m.
U.S. Non Farm Payrolls	Dec 5, 8.30 a.m.	Dec 5, 1.30 p.m.	Dec 5, 9.30 p.m.
China Balance of Trade	Dec 7, 10.00 p.m.	Dec 8, 3.00 a.m.	Dec 8, 11.00 a.m.
China Inflation Rate YoY	Dec 9, 8.30 p.m.	Dec 10, 1.30 a.m.	Dec 10, 9.30 a.m.
U.S. Inflation Numbers	Dec 10, 8.30 a.m.	Dec 10, 1.30 p.m.	Dec 10, 9.30 p.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Dec 10, 2.00 p.m.	Dec 10, 7.00 p.m.	Dec 11, 3.00 a.m.
China Industrial Production YoY	Dec 14, 9.00 p.m.	Dec 15, 2.00 a.m.	Dec 15, 10.00 a.m.
U.S. Core PCE Price Index	Dec 19, 8.30 a.m.	Dec 19, 1.30 p.m.	Dec 19, 9.30 p.m.
FOMC Minutes	Dec 30, 2.00 p.m.	Dec 30, 7.00 p.m.	Dec 31, 3.00 a.m.
China NBS Manufacturing PMI	Dec 30, 8.30 p.m.	Dec 31, 1.30 a.m.	Dec 31, 9.30 a.m.

Source: CME Group, Quikstrike

Useful resources

CME FedWatch

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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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