CME Group metals volume averaged 674,000 contracts per day in the second quarter, which was a year-on-year gain of 27%, the exchange operator reports. Average daily volume for gold futures and options grew 29% to 383,000 contracts, while this climbed 7% for silver futures and options to 115,000 contracts. Copper futures and options average volume rose 43% to 146,000 contracts. Meanwhile, the average metals volume for the month of May climbed 30% year-on-year to 666,000 contracts. CME Group reports that volume in platinum futures hit a record of 58,000 contracts on June 22.
Gold holdings of exchange-traded funds have fallen by the largest amount since near the end of the first quarter, says Commerzbank. These ETFs trade like a stock but track the price of the commodity, with the precious metal put into storage to back the shares. “Gold ETFs saw outflows of 9.1 tonnes yesterday, their biggest daily outflow since the end of March,” Commerzbank says.