Why It Matters
The unprecedented trading volumes and new contract offerings deepen market liquidity and lower entry barriers, positioning metals as a pivotal hedge and investment arena for both institutional and retail participants.
Key Takeaways
- •Metals futures hit 4.2M contracts single‑day volume Jan 30.
- •100‑Ounce Silver futures launched for broader market access.
- •Platinum futures/options surged, 130% price rise in 2025.
- •Micro gold contracts reached all‑time high of 1.5M daily.
- •Lithium hydroxide futures traded 8,383 lots weekly, 45% YTD.
Pulse Analysis
The metals market entered 2026 with a kinetic shift from volatility to a sustained breakout, as record‑setting futures volumes reflected heightened investor appetite for safe‑haven assets and battery‑metal exposure. Gold’s climb above $4,600 and silver’s rally injected liquidity, while a 35 % year‑over‑year increase in overall volume signaled broader participation across commodity desks. This surge is not merely a price story; it illustrates how macro‑economic uncertainty and aggressive central‑bank balance‑sheet policies are reshaping commodity risk‑management strategies.
Product innovation amplified the breakout, with CME Group introducing a 100‑Ounce Silver futures contract that offers a more accessible entry point for active traders. Simultaneously, micro contracts for gold, silver and copper reached unprecedented daily averages, lowering capital requirements and attracting a new cohort of retail investors. The addition of weekly expirations for platinum and gold options provides granular hedging tools, enabling participants to fine‑tune exposure amid rapid price swings. These developments collectively enhance market depth, improve price discovery, and broaden the participant base.
Looking ahead, the momentum in battery metals—particularly lithium‑hydroxide and cobalt—combined with ongoing steel tariff debates, positions metals as a strategic hedge against geopolitical and supply‑chain risks. Lithium’s 45 % YTD gain and record weekly trading volumes suggest that EV‑driven demand will continue to drive futures activity. Meanwhile, platinum’s 130 % price surge, fueled by inflation‑hedging demand, underscores the metal’s emerging role in diversified portfolios. Stakeholders that leverage these expanded futures and options tools will be better equipped to navigate price volatility, manage contango risks, and capitalize on the evolving global trade landscape.
Q1 2026 Metals Update
Product diversification drives record volumes across our Metals products
The momentum within the metals markets has shifted from a surge to a full‑scale breakout. Following a historic 2025, gold and silver prices have increased since the start of 2026, underpinned by a wave of liquidity. Metals futures and options reached a new milestone on January 30, hitting a record single‑day volume of 4.2 million contracts, with January averaging 2.8 million contracts traded per day. This record volume was anchored by our Micro Silver futures contract, which contributed over 715 K contracts on January 26.
The impressive start to 2026 builds on the volatility of 2025, which saw metals volume increase by 35 % to a record average daily volume (ADV) of 988 K contracts. This growth was largely driven by gold’s climb over $4,600 and a 100 % volume surge in battery metals. Looking ahead, major themes for 2026—including geopolitical strategy, the transition trade and clearer U.S. trade policy—are expected to keep the metals markets at the forefront of global economic sentiment.
100‑Ounce Silver futures are live and ready to trade
Given the record levels in silver and gold, we recently launched a new 100‑Ounce Silver futures contract. This improves access to a wider range of participants, enabling them to benefit from the liquidity and efficiencies of our futures markets.
The 100‑Ounce Silver futures contract is the gateway to the silver market for the active trader. As our smallest, most accessible silver contract yet, it is sized at 100 troy ounces (1/10 of Micro Silver futures, 1/50 of Silver futures).
This cash‑settled monthly contract offers manageable exposure, allowing you to take larger positions with less upfront capital.
Platinum takes the crown
While gold and silver captured headlines, Platinum (PL) futures and (PO) options were the year’s standout performer. Driven by investors diversifying portfolios and hedging inflation, platinum prices rose nearly 130 % in 2025.
The introduction of Friday expirations for weekly options has further boosted tactical trading, allowing participants to manage short‑term volatility with surgical precision.
Traders choose Weekly options to navigate volatility
Gold prices increased 60 % in 2025, breaking $4,300/oz by the end of the year, driven by tariff uncertainty, central‑bank accumulation and a weakening U.S. dollar.
This price growth pushed Gold options ADV to 81 K in 2025 and 93 K year‑to‑date (YTD) 2026, fueled by institutional hedging and tactical repositioning.
Traders use Gold options, particularly our flexible weekly options, to navigate heightened market volatility, allowing them to manage directional risk, hedge against sovereign‑debt concerns and capture premiums during aggressive price‑discovery phases.
Micro futures designed for the everyday trader
The explosive growth of our Micro Gold, Silver and Copper contracts has created even more opportunities for market entry.
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Micro Gold ADV reached an all‑time high of 1.5 million contracts on January 30.
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While silver lagged for most of the year, it surged in December and January, trading a record 715 K contracts on January 26.
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Micro Copper, in its own right, slowly built momentum before exploding in Q4, making 2025 a record year since its 2022 inception.
These contracts are essential for managing exposure with precision, offering smaller, more accessible contract sizes that lower the barrier to entry for individual investors.
Lithium on the charge after a standout year for battery metals
After a breakout year for battery metals in 2025, lithium has started strong in 2026. Lithium Hydroxide (LTH) futures kicked off the year trading over 1 K lots per day, including a record 8,383 lots traded during the week. The impossible‑to‑ignore market momentum is driving participants to use our futures as their preferred risk‑management tool.
Cobalt Metal (COB) futures and Lithium Hydroxide (LTH) futures both achieved their fifth consecutive record year in 2025, with lithium up 45 % YTD and cobalt up 65 %.
Supply disruptions and the EV industry’s shift toward hedging long‑term purchasing schedules drove combined open interest (OI) to all‑time highs. For 2026, traders have opportunities to manage the “contango” in cobalt and capitalize on the increasing price discovery in lithium.
Futures help to navigate the steel tug‑of‑war
Ongoing uncertainty surrounding global steel tariffs kept Hot Rolled Coil Steel (HRC) futures at the forefront of risk management in Q4. Domestic U.S. HRC prices remained volatile, while North European HRC futures showed signs of firming due to tightening supply and energy costs.
Trading in North European HRC (Argus) futures has become a vital tool for continental participants seeking to hedge against the volatility induced by shifting export‑import duties.
Both metals are on track for increased volume in 2025, which underscores their growing importance as essential risk‑management tools, enabling businesses to plan and invest with greater confidence in the face of fluctuating commodity prices.
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All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
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