Micro Gold, Silver and Copper Products Update

Highlights

Gold prices consolidated further in May, declining 0.8% month-over-month (MoM) to settle slightly below the $4,600/oz level. Headwinds persisted as market participants increasingly focused on higher-for-longer interest rate expectations, as indicated by FedWatch. Geopolitical uncertainty also capped directional momentum amidst lack of clarity regarding the U.S.-Iran diplomatic developments.
Silver prices demonstrated resilience, securing a 2.5% MoM gain to settle the month at $75.875/oz. The complex initially rallied as high as $90/oz, supported by industrial demand stemming from easing U.S.-China trade tensions. However, gains were partially pared later in the month after hotter-than-expected macro inflation data shifted monetary expectations.
Achieving its second consecutive monthly rally, \copper prices surged over 6% MoM to close at $6.3890/lb. Upward price momentum was primarily driven by robust domestic demand in China, evidenced by rising copper import volumes, alongside increased long positioning as indicated in the Commitment of Traders tool.
Amidst evolving macroeconomic and geopolitical environments, our Micro Metals suite provides deep liquidity and institutional-grade contract sizing for highly efficient risk management.
- Micro Gold, Silver and Copper futures year-to-date (YTD) average daily volume (ADV) is trading at 710,516 contracts, up ~194% year-over-year (YoY).
- 100-Ounce Silver (SIC) futures achieved a milestone month, with May 2026 ADV rising ~82% MoM to reach 23,316 contracts, marking its highest monthly volume record since the contract’s launch.

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 May 4 to June 2, 2026)

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

Key Economic Events in June/July 2026

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Jun 1, 10.00 a.m.	Jun 1, 3.00 p.m.	Jun 1, 10.00 p.m.
U.S. Nonfarm Payrolls	Jun 5, 8.30 a.m.	Jun 5, 1.30 p.m.	Jun 5, 8.30 p.m.
China Balance of Trade	Jun 8, 11.00 p.m.	Jun 9, 4.00 a.m.	Jun 9, 11.00 a.m.
China Inflation Rate YoY	Jun 9, 9.30 p.m.	Jun 10, 2.30 p.m.	Jun 10, 9.30 a.m.
U.S. Inflation Numbers	Jun 10, 8.30 a.m.	Jun 10, 1.30 p.m.	Jun 10, 8.30 p.m.
China Industrial Production YoY	Jun 15, 10.00 p.m.	Jun 16, 3.00 a.m.	Jun 16, 10.00 a.m.
U.S. FOMC Economic Projections, Fed Interest Rate Decision and Fed Press Conference	Jun 17, 2.00 p.m.	Jun 17, 7.00 p.m.	Jun 18, 2.00 a.m.
U.S. Core PCE Price Index	Jun 25, 8.30 a.m.	Jun 25, 1.30 p.m.	Jun 25, 8.30 p.m.
China NBS Manufacturing PMI	Jun 29, 9.30 p.m.	Jun 30, 2.30 a.m.	Jun 30, 9.30 a.m.
RatingDog Manufacturing PMI	Jun 30, 9.45 p.m.	Jul 1, 2.45 a.m.	Jul 1, 9.45 a.m.
U.S. ISM Manufacturing PMI	Jul 1, 10.00 a.m.	Jul 1, 3.00 p.m.	Jul 1, 10.00 p.m.
U.S. Nonfarm Payrolls	Jul 2, 8.30 a.m.	Jul 2, 1.30 p.m.	Jul 2, 8.30 p.m.
FOMC Minutes	Jul 8, 2.00 p.m.	Jul 8, 7.00 p.m.	Jul 9, 2.00 a.m.
China Inflation Rate YoY	Jul 8, 9.30 p.m.	Jul 9, 2.30 a.m.	Jul 9, 9.30 a.m.
China Balance of Trade	Jul 13, 11.00 p.m.	Jul 14, 4.00 a.m.	Jul 14, 11.00 a.m.
U.S. Inflation Numbers	Jul 14, 8.30 a.m.	Jul 14, 1.30 p.m.	Jul 14, 8.30 p.m.
China Industrial Production YoY	Jul 14, 10.00 p.m.	Jul 15, 3.00 a.m.	Jul 15, 10.00 a.m.
Fed Interest Rate Decision and Fed Press Conference	Jul 29, 2.00 p.m.	Jul 29, 7.00 p.m.	Jul 30, 2.00 a.m.
U.S. Core PCE Price Index	Jul 30, 8.30 a.m.	Jul 30, 1.30 p.m.	Jul 30, 8.30 p.m.
China NBS Manufacturing PMI	Jul 30, 9.30 p.m.	Jul 31, 2.30 a.m.	Jul 31, 9.30 a.m.

Source: CME Group, QuikStrike

Useful resources

CME FedWatch

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COT tool

The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.

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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