Micro Gold, Silver and Copper Products Update

Highlights

Tensions between the U.S. and Venezuela, combined with President Trump’s plans to impose tariffs on European nations regarding the Greenland dispute, have heightened market uncertainty from both economic and geopolitical perspectives. Gold prices reached an all-time high of $5,626.8/oz before dropping over 11% on the month's final day, a move triggered by President Trump’s nomination of the hawkish Kevin Warsh as the next Federal Reserve Chair. The COMEX active gold price eventually settled at $4,745.1/oz, up 9.3% month-over-month (MoM).
Similar to its precious metal counterpart, silver prices surged to over $120/oz, driven by physical supply constraints, Chinese demand and strong speculative flows. However, the Fed Chair nomination strengthened the U.S. dollar and caused COMEX active silver prices to plummet over 31% intraday. Silver closed the month at $78.530/oz, up 11.2% MoM.
Global supply concerns in the copper market have escalated due to concentrated inventories in the U.S. and a strike at a key Chilean mine. Alongside these supply worries, positive demand expectations surrounding the energy transition and AI investment provided further momentum, pushing the red metal to settle January at a historical high of $5.9240/lb, up 4.3% MoM.
Liquidity in risk management instruments has become increasingly vital in the current volatile trading environment. Our Micro Metals futures have seen a robust increase in volume as participants leverage the deep liquidity of these contracts to manage their investment positions.
- Micro Gold (MGC) futures recorded its best daily volume of 1,586,851 contracts on January 30. The average daily volume (ADV) for the month reached 692,827 contracts, the second-highest monthly record in history.
- Micro Silver (SIL) futures set new historical records in January, with an ADV of 438,150 contracts and an average daily open interest (ADOI) of 28,241 contracts.
- Micro Copper (MHG) futures achieved its highest monthly records since launch, with an ADV of 48,458 contracts and an ADOI of 14,470 contracts in January.
- 1-Ounce Gold (1OZ) futures reached historic monthly highs in January, with an ADV of 115,197 contracts and an ADOI of 19,218 contracts.
- 100-Ounce Silver (SIC) futures is now available for trading.

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 December 31st, 2025 to January 30th, 2026)

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

Key Economic Events in February/March 2026:

Economic Event	ET	GMT / BST	SGT / HKT
RatingDog Manufacturing PMI	Feb 1, 8.45 p.m.	Feb 2, 1.45 a.m.	Feb 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Feb 2, 10.00 a.m.	Feb 2, 3.00 p.m.	Feb 2, 11.00 p.m.
U.S. Non Farm Payrolls	Feb 6, 8.30 a.m.	Feb 6, 1.30 p.m.	Feb 6, 9.30 p.m.
China Inflation Rate YoY	Feb 10, 8.30 p.m.	Feb 11, 1.30 a.m.	Feb 11, 9.30 a.m.
U.S. Inflation Numbers	Feb 11, 8.30 a.m.	Feb 11, 1.30 p.m.	Feb 11, 9.30 p.m.
FOMC Minutes	Feb 18, 2.00 p.m.	Feb 18, 7.00 p.m.	Feb 19, 3.00 a.m.
U.S. Core PCE Price Index	Feb 20, 8.30 a.m.	Feb 20, 1.30 p.m.	Feb 20, 9.30 p.m.
RatingDog Manufacturing PMI	Mar 1, 8.45 p.m.	Mar 2, 1.45 a.m.	Mar 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Mar 2, 10.00 a.m.	Mar 2, 3.00 p.m.	Mar 2, 11.00 p.m.
China NBS Manufacturing PMI	Mar 3, 8.30 p.m.	Mar 4, 1.30 a.m.	Mar 4, 9.30 a.m.
U.S. Non Farm Payrolls	Mar 6, 8.30 a.m.	Mar 6, 1.30 p.m.	Mar 6, 9.30 p.m.
China Inflation Rate YoY	Mar 8, 9.30 p.m.	Mar 9, 1.30 a.m.	Mar 9, 9.30 a.m.
China Balance of Trade	Mar 9, 11.00 p.m.	Mar 10, 3.00 a.m.	Mar 10, 11.00 a.m.
U.S. Inflation Numbers	Mar 11, 8.30 a.m.	Mar 11, 12.30 p.m.	Mar 11, 8.30 p.m.
U.S. Core PCE Price Index	Mar 13, 9.30 a.m.	Mar 13, 1.30 p.m.	Mar 13, 9.30 p.m.
China Industrial Production YoY	Mar 15, 10.00 p.m.	Mar 16, 2.00 a.m.	Mar 16, 10.00 a.m.
U.S. Fed Interest Rate Decision, FOMC Economic Projections and Fed Press Conference	Mar 18, 2.00 p.m.	Mar 18, 6.00 p.m.	Mar 19, 2.00 a.m.
China NBS Manufacturing PMI	Mar 30, 9.30 p.m.	Mar 31, 2.30 a.m.	Mar 31, 9.30 a.m.
RatingDog Manufacturing PMI	Mar 31, 9.45 p.m.	Apr 1, 2.45 a.m.	Apr 1, 9.45 a.m.

Source: CME Group, QuikStrike

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