Micro Gold, Silver and Copper Products Update

Highlights

A stronger-than-expected May nonfarm payrolls report, coupled with a notable upward revision to April’s data, fueled a more hawkish stance from the Federal Reserve and drove up rate hike expectations. Despite support from physical buying, the gold price fell 12.1% month-over-month (MoM), settling June at $4,038.50/oz.
Long-term demand from artificial intelligence (AI) and electrification continues to support silver’s structural deficit narrative. However, the underperformance of gold dragged silver prices down by 21% MoM, closing the month just below the $60 mark at $59.92/oz.
After two consecutive months of gains, copper finished June down 2.1% MoM at $6.254/lb. A stronger U.S. dollar and lingering inflationary worries weighed on market sentiment. Traders remain highly focused on news regarding the U.S. review of refined copper imports and potential tariffs.
Amidst heightened market uncertainty, our Micro product suite continues to offer deep liquidity, allowing market participants to manage risk effectively.
- Micro Gold (MGC), Silver (SIL) and Copper (MHG) futures quarterly average daily volume (ADV) reached 439,432 contracts, marking the third highest quarterly record in history.
- 100-Ounce Silver (SIC) futures June 2026 ADV reached 26,143 contracts, the highest monthly record since launch, representing an increase of approximately 12% MoM.

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 June 8 to July 2, 2026)

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

Key Economic Events in July/August 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
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.
RatingDog Manufacturing PMI	Aug 2, 9.45 p.m.	Aug 3, 2.45 a.m.	Aug 3, 9.45 a.m.
U.S. ISM Manufacturing PMI	Aug 3, 10.00 a.m.	Aug 3, 3.00 p.m.	Aug 3, 10.00 p.m.
China Balance of Trade	Aug 6, 11.00 p.m.	Aug 7, 4.00 a.m.	Aug 7, 11.00 a.m.
U.S. Nonfarm Payrolls	Aug 7, 8.30 a.m.	Aug 7, 1.30 p.m.	Aug 7, 8.30 p.m.
China Inflation Rate YoY	Aug 8, 9.30 p.m.	Aug 9, 2.30 a.m.	Aug 9, 9.30 a.m.
U.S. Inflation Numbers	Aug 12, 8.30 a.m.	Aug 12, 1.30 p.m.	Aug 12, 8.30 p.m.
China Industrial Production YoY	Aug 16, 10.00 p.m.	Aug 17, 3.00 a.m.	Aug 17, 10.00 a.m.
FOMC Minutes	Aug 19, 2.00 p.m.	Aug 19, 7.00 p.m.	Aug 20, 2.00 a.m.
U.S. Core PCE Price Index	Aug 26, 8.30 a.m.	Aug 26, 1.30 p.m.	Aug 26, 8.30 p.m.
China NBS Manufacturing PMI	Aug 30, 9.30 p.m.	Aug 31, 2.30 a.m.	Aug 31, 9.30 a.m.
RatingDog Manufacturing PMI	Aug 31, 9.45 p.m.	Sep 1, 2.45 a.m.	Sep 1, 9.45 a.m.

Source: CME Group, QuikStrike

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