Micro Gold, Silver and Copper Products Update

Escalating conflicts in the Middle East led to sustained military strikes, causing oil prices to surge. Although geopolitical risk typically drives gold prices higher, the rising energy costs fueled inflation concerns, which reduced expectations for a Federal Reserve rate cut. This "higher-for-longer" rate outlook, combined with profit-taking, resulted in active Gold futures retreating to $4,678.6/oz, a 10.9% month-over-month (MoM) decline.
Silver prices fell nearly 20% MoM, closing the month at $74.920/oz. This decline was driven by a gloomy global economic outlook, individual traders shifting to other asset classes and silver’s inherent volatility coupled with falling gold prices.
Despite a positive long-term outlook tied to electrification and AI demand, copper settled the month at $5.6140/lb, down 7.4% MoM. This decline was primarily triggered by rising exchange inventories and fears that ongoing conflict will weaken the global economy while further stoking inflation.

Liquidity and volume highlights

Micro Metals futures continue to provide deep liquidity for efficient risk management. Recent performance milestones include:

Micro Gold (MGC) futures: Achieved a record-breaking quarterly average daily volume (ADV) of 598,556 contracts in Q1 2026.
Micro Silver (SIL) futures: Set new quarterly records in Q1 2026, hitting an ADV of 254,623 contracts and an average daily open interest (ADOI) of 25,216 contracts
Micro Copper (MHG) futures: Reached quarterly record highs in Q1 2026 with an ADV of 35,299 and an ADOI of 13,775.
1-Ounce Gold (1OZ) futures: March 2026 saw the highest monthly figures since the product’s launch for both ADV, at 116,486, and ADOI, at 31,695.
100-Ounce Silver (SIC) futures: Ended March 2026 with a record monthly ADV of 16,389 contracts.

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 open interest from March 6 to April 2, 2026)

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

Key Economic Events in Apr/May 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Apr 1, 10.00 a.m.	Apr 1, 3.00 p.m.	Apr 1, 10.00 p.m.
U.S. Non Farm Payrolls	Apr 3, 8.30 a.m.	Apr 3, 1.30 p.m.	Apr 3, 8.30 p.m.
FOMC Minutes	Apr 8, 2.00 p.m.	Apr 8, 7.00 p.m.	Apr 9, 2.00 a.m.
U.S. Core PCE Price Index	Apr 9, 8.30 a.m.	Apr 9, 1.30 p.m.	Apr 9, 8.30 p.m.
China Inflation Rate YoY	Apr 9, 9.30 p.m.	Apr 10, 2.30 a.m.	Apr 10, 9.30 a.m.
U.S. Inflation Numbers	Apr 10, 8.30 a.m.	Apr 10, 1.30 p.m.	Apr 10, 8.30 p.m.
China Balance of Trade	Apr 13, 11.00 p.m.	Apr 14, 4.00 a.m.	Apr 14, 11.00 a.m.
China Industrial Production YoY	Apr 15, 10.00 p.m.	Apr 16, 3.00 a.m.	Apr 16, 10.00 a.m.
U.S. Fed Interest Rate Decision and Fed Press Conference	Apr 29, 2.00 p.m.	Apr 29, 7.00 p.m.	Apr 30, 2.00 a.m.
China NBS Manufacturing PMI	Apr 29, 9.30 p.m.	Apr 30, 2.30 a.m.	Apr 30, 9.30 a.m.
RatingDog Manufacturing PMI	Apr 29, 9.45 p.m.	Apr 30, 2.45 a.m.	Apr 30, 9.45 a.m.
U.S. Core PCE Price Index	Apr 30, 8.30 a.m.	Apr 30, 1.30 p.m.	Apr 30, 8.30 p.m.
U.S. ISM Manufacturing PMI	May 1, 10.00 a.m.	May 1, 3.00 p.m.	May 1, 10.00 p.m.
U.S. Non Farm Payrolls	May 8, 8.30 a.m.	May 8, 1.30 p.m.	May 8, 8.30 p.m.
China Balance of Trade	May 8, 11.00 p.m.	May 9, 4.00 a.m.	May 9, 11.00 a.m.
China Inflation Rate YoY	May 10, 9.30 p.m.	May 11, 2.30 a.m.	May 11, 9.30 a.m.
U.S. Inflation Numbers	May 12, 8.30 a.m.	May 12, 1.30 p.m.	May 12, 8.30 p.m.
China Industrial Production YoY	May 17, 10.00 p.m.	May 18, 3.00 a.m.	May 18, 10.00 a.m.
FOMC Minutes	May 20, 2.00 p.m.	May 20, 7.00 p.m.	May 21, 2.00 a.m.
U.S. Core PCE Price Index	May 28, 8.30 a.m.	May 28, 1.30 p.m.	May 28, 8.30 p.m.
China NBS Manufacturing PMI	May 30, 9.30 p.m.	May 31, 2.30 a.m.	May 31, 9.30 a.m.
RatingDog Manufacturing PMI	May 31, 9.45 p.m.	Jun 1, 2.45 a.m.	Jun 1, 9.45 a.m.

Source: CME Group, QuikStrike

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