METALS
January 2016
Monthly Metals
Review
A Global Trading Summary of Metals Markets
 Highlights
 Futures
 Options
How the world advances
Monthly Metals Review
METALS TRADING HIGHLIGHTS
January 2016
Highlights:
•
Average daily volume for January 2016 COMEX metal (Gold, Silver and Copper) futures
was 336,128 contracts, compared with 343,185 contracts during January 2015, a
decrease of 2.06 percent.
•
Average daily volume for January 2016 COMEX metal (Gold, Silver and Copper) options
was 41,934 contracts, compared with 45,151 contracts during January 2015, a decrease
of 7.12 percent.
•
Average daily volume for January 2016 Gold futures was 215,894 contracts, compared
with 225,397 contracts during January 2015, a decrease of 4.22 percent.
•
Average daily volume for January 2016 Gold options was 37,999 contracts, compared
with 36,713 contracts during January 2015, an increase of 3.5 percent.
•
Average daily volume for January 2016 Silver futures was 50,550 contracts, compared
with 48,975 contracts during January 2015, an increase of 3.22 percent.
•
Average daily volume for January 2016 Silver options was 3,847 contracts, compared with
8,339 contracts during January 2015, a decrease of 53.87 percent.
•
Average daily volume for January 2016 Copper futures was 69,683 contracts, compared
with 38,813 contracts during January 2015, an increase of 79.54 percent.
•
Average daily volume for January 2016 Platinum futures was 14,958 contracts, compared
with 12,151 contracts during January 2015, an increase of 23.1 percent.
•
Average daily volume for January 2016 Palladium futures was 4,744 contracts, compared
with 4,989 contracts during January 2015, a decrease of 4.91 percent.
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Scorecard - Average Daily Volume and Open Interest Statistics
January 2016
Average Daily
Volume
Electronic
/Pit
$ Notional
Ticker
Symbols Contracts ($ Millions)
Gold
Futures
GC
CME ClearPort
Options
215,894
Open Interest
U.S. and Metric
Spot Price & Conversion
$ Notional
Contracts ($ Millions)
US$ Spot
US$/Gram
Month Close
Except
Except
Copper=Ave Copper=US$/MT
Month Close Steel=US$/MT
29-Jan-'16
29-Jan-'16
$24,105
373,434
20-Day
Historical
Volatility
$41,694
1,116.50
$35.90
15.13%
6,740
OG
CME ClearPort
37,999
990,817
7,242
E-micro Gold
Futures
MGC
2,850
$32
1,245
$14
1,116.50
$35.90
15.13%
Silver
Futures
SI
50,550
$3,600
158,439
$11,283
14.243
$0.46
26.27%
SO
3,847
$10,075
200.945
$4,430.07
24.56%
$2,881
873.60
$28.09
26.49%
$1,273
498.50
$16.03
38.06%
$176
405.00
$446.53
12.26%
CME ClearPort
Options
515
CME ClearPort
Copper
Futures
HG
CME ClearPort
Platinum
69,683
$3,501
200,562
81
Options
HX
88
Futures
PL
14,958
Options
PO
318
Futures
PA
4,744
CME ClearPort
Palladium
100,572
107
2,593
$653
65,949
363
CME ClearPort
3,930
$236
25,538
142
Options
PAO
108
Futures
CME ClearPort
HR
161
145
Aluminum MW
U.S. Transaction
Premium Platts Futures
AUP
383
25,812
Iron Ore 62% Fe,
CFR China (TSI) Futures
TIO
1,550
24,199
Iron Ore 62% Fe,
CFR China (TSI)
Options
Average Price
ICT
439
36,681
HRC Steel
4,502
$1.30
21,719
Note: CME ClearPort volumes are already included in futures or options volumes.
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Monthly Metals Review
Cutures - Average 5aily Volume
Palladium Futures
Platinum Futures
Copper Futures
Silver Futures
Gold Futures
500,000
450,000
400,000
Contracts
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
COaEX aetal Cutures - Average 5aily Volume and Year-To-5ate Average 5aily Volume
Copper Futures
Gold Futures YTD ADV
Silver Futures
Silver Futures YTD ADV
500,000
Gold Futures
Copper Futures YTD ADV
250,000
450,000
ADV - Contracts
350,000
300,000
150,000
250,000
200,000
100,000
150,000
50,000
100,000
50,000
0
0
3
YTD ADV - Contracts
200,000
400,000
www.cmegroup.com/metals
NYaEX aetal Cutures - Average 5aily Volume and Year-To-5ate Average 5aily Volume
Palladium Futures
Platinum Futures
Platinum Futures YTD ADV
Palladium Futures YTD ADV
30,000
16,000
14,000
25,000
20,000
10,000
15,000
8,000
6,000
10,000
4,000
5,000
2,000
0
0
Options - Average 5aily Volume
Platinum Options
Palladium Options
Copper Options
90,000
80,000
70,000
Contracts
60,000
50,000
40,000
30,000
20,000
10,000
0
4
Silver Options
Gold Options
YTD ADV - Contracts
ADV - Contracts
12,000
Monthly Metals Review
Dold Silver Options - Average 5aily Volume and Year-To-5ate Average 5aily Volume
Silver Options
Gold Options
Gold Options YTD ADV
Silver Options YTD ADV
90,000
50,000
80,000
45,000
ADV - Contracts
35,000
60,000
30,000
50,000
25,000
40,000
20,000
30,000
15,000
20,000
10,000
10,000
5,000
0
0
Cutures Open Interest - aonth-End
Palladium Futures
Platinum Futures
Copper Futures
1,200,000
1,000,000
Contracts
800,000
600,000
400,000
200,000
0
5
Silver Futures
Gold Futures
YTD ADV - Contracts
40,000
70,000
www.cmegroup.com/metals
Options Open Interest - aonth-End
Platinum Options
Palladium Options
Copper Options
Silver Options
Gold Options
2,500,000
Contracts
2,000,000
1,500,000
1,000,000
500,000
0
Dold Futures - Average 5aily Volume (A5V) and Open Interest (OI)
Total ADV
Open Interest
OI
ADV
300,000
700,000
600,000
250,000
500,000
200,000
400,000
150,000
300,000
100,000
200,000
50,000
100,000
0
0
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Monthly Metals Review
Silver Futures - Average Daily Volume (ADV) and Open Interest (OI)
ADV
Total ADV
Open Interest
OI
160,000
250,000
140,000
200,000
120,000
100,000
150,000
80,000
100,000
60,000
40,000
50,000
20,000
0
0
Copper Futures - Average Daily Volume (ADV) and Open Interest (OI)
ADV
Total ADV
Open Interest
120,000
100,000
OI
250,000
200,000
80,000
150,000
60,000
100,000
40,000
50,000
20,000
0
0
7
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Platinum Futures - Average 5aily Volume (A5V) and Open Interest (OI)
ToPal ADV
Open InPeresP
ADV
OI
25,000
90,000
80,000
20,000
70,000
60,000
15,000
50,000
40,000
10,000
30,000
20,000
5,000
10,000
0
0
Palladium Futures - Average Daily Volume (ADV) and Open Interest (OI)
Total ADV
Open Interest
ADV
12,000
OI
50,000
45,000
10,000
40,000
35,000
8,000
30,000
6,000
25,000
20,000
4,000
15,000
10,000
2,000
5,000
0
0
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Monthly Metals Review
Gold Options - Electronic Average 5aily Volume
Contracts
Total AGV
Electronic AGV
% Electronic AGV
80,000
80%
70,000
70%
60,000
60%
50,000
50%
40,000
40%
30,000
30%
20,000
20%
10,000
10%
0
0%
Silver Options - Electronic Average Daily Volume
Total ADV
Electronic ADV
16,000
% Electronic ADV
100%
90%
14,000
80%
12,000
70%
Contracts
10,000
60%
8,000
50%
40%
6,000
30%
4,000
20%
2,000
10%
0
0%
9
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Gold Futures - Spot Month - 20-Day Historical Volatility
Gold Futures
60%
50%
40%
30%
20%
10%
0%
Silver Futures - Spot Month - 20-Day Historical Volatility
Silver Futures
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
10
Monthly Metals Review
Copper Futures - Spot Month - 20-Day Historical Volatility
Copper Futures
120%
100%
80%
60%
40%
20%
0%
Platinum Futures - Spot Month - 20-Day Historical Volatility
Platinum Futures
140%
120%
100%
80%
60%
40%
20%
0%
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Palladium Futures - Spot Month - 20-Day Historical Volatility
Palladium Futures
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Average Hourly Total Volume - All Hours - January 2016
50,000
Copper Futures
45,000
40,000
Silver Options
Silver Futures
Gold Options
Contracts
35,000
Gold Futures
30,000
25,000
20,000
15,000
10,000
5,000
0
New York Time
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Monthly Metals Review
Average Hourly Total Volume - Extended Trading Hours - January 2016
Copper Futures
Gold Options
Silver Options
Gold Futures
Silver Futures
20,000
18,000
16,000
Contracts
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
New York Time
Average Hourly Total Volume - All Hours - January 2016
3,500
Palladium Futures
Platinum Futures
3,000
Contracts
2,500
2,000
1,500
1,000
500
0
New York Time
13
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Average Hourly Total Volume - Extended Trading Hours - January 2016
1,200
Palladium Futures
Platinum Futures
1,000
Contracts
800
600
400
200
0
New York Time
CFTC COT Report - Gold Futures Open Positions - Long
Swap Dealers Long
Managed Money Long
% Swap Dealers Long
% Managed Money Long
350,000
50%
45%
300,000
Open Interest - Contracts
40%
250,000
35%
30%
200,000
25%
150,000
20%
15%
100,000
10%
50,000
5%
0
0%
Source: CFTC
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Monthly Metals Review
CFTC COT Report - Silver Futures Open Positions - Long
Swap Dealers Long
Managed Money Long
% Swap Dealers Long
% Managed Money Long
100,000
40%
90,000
35%
Open Interest - Contracts
80,000
30%
70,000
25%
60,000
50,000
20%
40,000
15%
30,000
10%
20,000
5%
10,000
0
0%
Source: CFTC
CFTC COT Report - Copper Futures Open Positions - Long
Swap Dealers Long
Managed Money Long
% Swap Dealers Long
% Managed Money Long
140,000
60%
Open Interest - Contracts
120,000
50%
100,000
40%
80,000
30%
60,000
20%
40,000
10%
20,000
0
0%
Source: CFTC
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Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is
possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only
a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade.
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specifications herein are
made subject to and are superseded by official CME, CBOT, and NYMEX rules. Current rules should be consulted in all cases concerning contract specifications.
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