Micro Gold, Silver and Copper Products Update

Highlights

In September, the Federal Reserve delivered a 25-basis-point interest rate hike – its first policy tightening since July 2023 – in an effort to curb sticky inflation. Elevated energy prices, driven by persistent geopolitical conflicts, further exacerbated market inflationary concerns and fueled expectations of additional rate increases, creating a bearish backdrop for precious metals. Compounded by stronger-than-expected Nonfarm Payroll data and a strengthening U.S. dollar, active Gold futures fell 6.7% month-over-month (MoM) to close at $4,186.70/oz.
Silver mirrored gold’s downward trajectory with amplified volatility, dropping 9.6% MoM to settle at $60.565/oz, despite underlying support from tight physical supply fundamentals.
Meanwhile, copper experienced volatile trading throughout the month. Prices initially sold off following the official announcement that no decision had been reached regarding refined copper tariffs. However, tight global supply and robust demand in China – evidenced by steady inventory drawdowns – helped buoy prices back up, before eventually giving up 1.0% MoM to end the month at $6.6215/lb.
Against a backdrop of rising market uncertainty, participants continue to trade actively in our deeply liquid, smaller-sized contracts, including during weekend hours:
- Micro Gold, Silver and Copper futures Q3 2026 average daily volume (ADV) and average daily open interest (ADOI) reached 404,916 contracts and 103,649 contracts, the fourth highest and second highest quarterly records, respectively.
- Market participants can now access 1-Ounce Gold (1OZ) futures and 100-Ounce Silver (SIC) futures) liquidity over the weekends as our marketplace goes 24/7 for selected markets.

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 September 1st to September 30th, 2026)

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

Key Economic Events in October/November 2026:

Key Economic Event	ET	GMT / BST	SGT / HKT
U.S. ISM Manufacturing PMI	Oct 1, 10.00 a.m.	Oct 1, 3.00 p.m.	Oct 1, 10.00 p.m.
U.S. Non Farm Payrolls	Oct 2, 8.30 a.m.	Oct 2, 1.30 p.m.	Oct 2, 8.30 p.m.
FOMC Minutes	Oct 7, 2.00 p.m.	Oct 7, 7.00 p.m.	Oct 8, 2.00 a.m
China Balance of Trade	Oct 13, 11.00 p.m.	Oct 14, 4.00 a.m.	Oct 14, 11.00 a.m.
U.S. Inflation Numbers	Oct 14, 8.30 a.m.	Oct 14, 1.30 p.m.	Oct 14, 8.30 p.m.
China Industrial Production YoY	Oct 18, 10.00 p.m.	Oct 19, 3.00 a.m.	Oct 19, 10.00 a.m.
Fed Interest Rate Decision and Fed Press Conference	Oct 28, 2.00 p.m.	Oct 28, 6.00 p.m.	Oct 29, 2.00 a.m.
U.S. Core PCE Price Index	Oct 29, 8.30 a.m.	Oct 29, 12.30 p.m.	Oct 29, 8.30 p.m.
China NBS Manufacturing PMI	Oct 30, 9.30 p.m.	Oct 31, 1.30 a.m.	Oct 31, 9.30 a.m.
RatingDog Manufacturing PMI	Nov 1, 8.45 p.m.	Nov 2, 1.45 a.m.	Nov 2, 9.45 a.m.
U.S. ISM Manufacturing PMI	Nov 2, 9.00 a.m.	Nov 2, 2.00 p.m.	Nov 2, 10.00 p.m.
U.S. Midterm Elections	Nov 3	N/A	N/A
U.S. Non Farm Payrolls	Nov 6, 8.30 a.m.	Nov 6, 1.30 p.m.	Nov 6, 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.
China Balance of Trade	Nov 9, 10.00 p.m.	Nov 10, 3.00 a.m.	Nov 10, 11.00 a.m.
U.S. Inflation Numbers	Nov 10, 8.30 a.m.	Nov 10, 1.30 p.m.	Nov 10, 9.30 p.m.
China Industrial Production YoY	Nov 15, 9.00 p.m.	Nov 16, 2.00 a.m.	Nov 16, 10.00 a.m.
FOMC Minutes	Nov 18, 2.00 p.m.	Nov 18, 7.00 p.m.	Nov 19, 3.00 a.m.
U.S. Core PCE Price Index	Nov 25, 8.30 a.m.	Nov 25, 1.30 p.m.	Nov 25, 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.

Source: CME Group, QuikStrike

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