Monthly Metals Review

Monthly Metals Review

Monthly Metals Review METALS TRADING HIGHLIGHTS February 217 Highlights: Average daily volume for February 217 COMEX metal (Gold, Silver and Copper) futures was 449,987 contracts, compared with 39,927 contracts during February 216, an increase of 15.11 percent. Average daily volume for February 217 COMEX metal (Gold, Silver and Copper) options was 42,66 contracts, compared with 66,499 contracts during February 216, a decrease of 35.85 percent. Average daily volume for February 217 Gold futures was 231,177 contracts, compared with 218,476 contracts during February 216, an increase of 5.81 percent. Average daily volume for February 217 Gold options was 38,215 contracts, compared with 59,886 contracts during February 216, a decrease of 36.19 percent. Average daily volume for February 217 Silver futures was 95,227 contracts, compared with 84,78 contracts during February 216, an increase of 12.42 percent. Average daily volume for February 217 Silver options was 4,252 contracts, compared with 6,55 contracts during February 216, a decrease of 34.63 percent. Average daily volume for February 217 Copper futures was 123,584 contracts, compared with 87,742 contracts during February 216, an increase of 4.85 percent. Average daily volume for February 217 Platinum futures was 15,1 contracts, compared with 13,144 contracts during February 216, an increase of 14.88 percent. Average daily volume for February 217 Palladium futures was 7,455 contracts, compared with 7,558 contracts during February 216, a decrease of 1.36 percent. 1

www.cmegroup.com/metals Scorecard - Average Daily Volume and Open Interest Statistics February 217 Average Daily Volume Open Interest U.S. and Metric Spot Price & Conversion Electronic /Pit Ticker Symbols Contracts $ Notional ($ Millions) Contracts $ Notional ($ Millions) US$ Spot Month Close Except Copper=Ave Month Close 28-Feb-'17 US$/Gram Except Copper=US$/MT Steel=US$/MT 28-Feb-'17 2-Day Historical Volatility Gold Futures GC 231,177 $28,987 446,81 $55,934 1,253.9 $4.31 9.1% CME ClearPort 9,37 Options OG 38,215 991,651 CME ClearPort 9,989 E-micro Gold Futures MGC 4,442 $56 5,362 $67 1,253.9 $4.31 9.1% Silver Futures SI 95,227 $8,782 197,629 $18,225 18.444 $.59 9.16% CME ClearPort 2,177 Options SO 4,252 97,932 CME ClearPort 633 Copper Futures HG 123,584 $8,324 267,935 $18,47 269.426 $5,939.83 26.62% CME ClearPort 1,854 Options HX 193 1,554 Platinum Futures PL 15,1 $778 71,2 $3,67 1,31. $33.15 12.3% CME ClearPort 345 Options PO 111 7,661 Palladium Futures PA 7,455 $575 27,645 $2,132 771.5 $24.79 21.38% CME ClearPort 346 Options PAO 111 3,86 HRC Steel Futures HR 151 $1.92 12,647 $161 635. $7.11 18.4% CME ClearPort 136 Aluminum MW U.S. Transaction Premium Platts Futures AUP 43 37,191 Iron Ore 62% Fe, CFR China (TSI) Futures TIO 47 16,76 Iron Ore 62% Fe, CFR China (TSI) Average Price Options ICT 296 16,946 Note: CME ClearPort volumes are already included in futures or options volumes. 2

ADV - Contracts YTD ADV - Contracts Contracts Monthly Metals Review Futures - Average Daily Volume Palladium Futures Platinum Futures Copper Futures Silver Futures Gold Futures 7, 6, 5, 4, 3, 2, 1, COMEX Metal Futures - Average Daily Volume and Year-To-Date Average Daily Volume Copper Futures Silver Futures Gold Futures Gold Futures YTD ADV Silver Futures YTD ADV Copper Futures YTD ADV 7, 25, 6, 2, 5, 4, 15, 3, 1, 2, 1, 5, 3

Contracts ADV - Contracts YTD ADV - Contracts www.cmegroup.com/metals NYMEX Metal Futures - Average Daily Volume and Year-To-Date Average Daily Volume Palladium Futures Platinum Futures YTD ADV Platinum Futures Palladium Futures YTD ADV 3, 18, 25, 16, 14, 2, 12, 15, 1, 8, 1, 6, 5, 4, 2, Options - Average Daily Volume Platinum Options Palladium Options Copper Options Silver Options Gold Options 9, 8, 7, 6, 5, 4, 3, 2, 1, 4

Contracts ADV - Contracts YTD ADV - Contracts Monthly Metals Review Gold Silver Options - Average Daily Volume and Year-To-Date Average Daily Volume 9, Silver Options Gold Options YTD ADV Gold Options Silver Options YTD ADV 5, 8, 45, 7, 4, 6, 35, 5, 4, 3, 25, 2, 3, 15, 2, 1, 1, 5, Futures Open Interest - Month-End Palladium Futures Platinum Futures Copper Futures Silver Futures Gold Futures 1,2, 1,, 8, 6, 4, 2, 5

Contracts www.cmegroup.com/metals Options Open Interest - Month-End Platinum Options Palladium Options Copper Options Silver Options Gold Options 2,5, 2,, 1,5, 1,, 5, Gold Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV Total ADV Open Interest OI 4, 7, 35, 6, 3, 5, 25, 4, 2, 3, 15, 1, 2, 5, 1, 6

Monthly Metals Review Silver Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV Total ADV Open Interest OI 16, 25, 14, 2, 12, 1, 15, 8, 6, 1, 4, 5, 2, Copper Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV Total ADV Open Interest OI 18, 35, 16, 3, 14, 12, 25, 1, 2, 8, 15, 6, 1, 4, 2, 5, 7

www.cmegroup.com/metals Platinum Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV 25, Total ADV Open Interest OI 9, 8, 2, 7, 6, 15, 5, 1, 4, 3, 5, 2, 1, Palladium Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV 12, Total ADV Open Interest OI 5, 45, 1, 4, 8, 35, 3, 6, 25, 2, 4, 15, 2, 1, 5, 8

Contracts Contracts Monthly Metals Review Gold Options - Electronic Average Daily Volume Total ADV Electronic ADV % Electronic ADV 8, 9% 7, 6, 5, 4, 3, 2, 1, 8% 7% 6% 5% 4% 3% 2% 1% % Silver Options - Electronic Average Daily Volume Total ADV Electronic ADV % Electronic ADV 16, 14, 12, 1, 8, 6, 4, 2, 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 9

www.cmegroup.com/metals Gold Futures - Spot Month - 2-Day Historical Volatility 6% Gold Futures 5% 4% 3% 2% 1% % Silver Futures - Spot Month - 2-Day Historical Volatility 1% Silver Futures 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1

Monthly Metals Review Copper Futures - Spot Month - 2-Day Historical Volatility 12% Copper Futures 1% 8% 6% 4% 2% % Platinum Futures - Spot Month - 2-Day Historical Volatility Platinum Futures 14% 12% 1% 8% 6% 4% 2% % 11

www.cmegroup.com/metals Palladium Futures - Spot Month - 2-Day Historical Volatility Palladium Futures 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Gold Futures - Spot Month, 2 Day Historical Volatility and Implied Volatility Settlement Price ($/oz) 14 Settlement Price Historical Volatility Implied Volatility Volatility 45% 135 4% 13 35% 125 3% 12 25% 115 2% 11 15% 15 1% 1 5% 12

Contracts Contracts Monthly Metals Review Average Hourly Total Volume - All Hours - February 217 7, 6, 5, Copper Futures Silver Options Silver Futures Gold Options Gold Futures 4, 3, 2, 1, New York Time Average Hourly Total Volume - Extended Trading Hours - February 217 25, Copper Futures Silver Options Silver Futures Gold Options Gold Futures 2, 15, 1, 5, New York Time 13

Contracts Contracts www.cmegroup.com/metals Average Hourly Total Volume - All Hours - February 217 4, 3,5 Palladium Futures Platinum Futures 3, 2,5 2, 1,5 1, 5 New York Time Average Hourly Total Volume - Extended Trading Hours - February 217 1,2 1, Palladium Futures Platinum Futures 8 6 4 2 New York Time 14

Open Interest - Contracts Open Interest - Contracts Monthly Metals Review 4, CFTC COT Report - Gold Futures Open Positions - Long Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 6% 35, 5% 3, 25, 4% 2, 3% 15, 2% 1, 5, 1% % Source: CFTC CFTC COT Report - Silver Futures Open Positions - Long 14, Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 6% 12, 5% 1, 8, 6, 4, 2, 4% 3% 2% 1% % Source: CFTC 15

Open Interest - Contracts www.cmegroup.com/metals CFTC COT Report - Copper Futures Open Positions - Long 18, Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 6% 16, 14, 12, 1, 8, 6, 4, 2, 5% 4% 3% 2% 1% % Source: CFTC Disclaimer 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. All references to options refer to options on futures. CME Group is a trademark of CME Group, Inc. The Globe Logo, CME, Chicago Mercantile Exchange, and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. New York Mercantile Exchange and NYMEX are registered trademarks of the New York Mercantile Exchange, Inc. All other trademarks are the properties of their respective owners. The information within this brochure has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and 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. Copyright 217 CME Group. All rights reserved. 16

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