Key Takeaways
- • Gold (OG) options activity moderated in October 2026, with month-to-date ADV of approximately 37.2K contracts for monthly tenors and 18.8K for weekly tenors, after a September recovery.
- • Gold traded under $4,000/oz as elevated Treasury yields and a stronger U.S. dollar pressured non-yielding assets, while Gold CVOL trended lower toward month end, signaling easing near-term volatility expectations.
- • Platinum (PO) prices fell to $1,433/oz, the lowest since September 2025, with monthly ADV of 552 contracts; WPIC projects a 265,000-ounce surplus for 2026.
- • Silver (SO) prices dropped below $50/oz, their lowest since November 2025, with monthly ADV of 6.6K contracts and weekly ADV of 1.4K contracts.
- • Copper (HXE) monthly ADV reached 3.9K contracts and weekly options averaged 750 contracts per day, down 15% from September, as U.S. tariff uncertainty drove inventory concentration in U.S. warehouses.
Summary
The October 2026 Metals Options Report, published by the exchange, details moderating activity across its gold, copper, platinum, silver and weekly metals options suites. Gold (OG) options moderated in October following September's recovery, with month-to-date ADV of approximately 37.2K contracts for monthly tenors and 18.8K contracts across weekly tenors. Gold prices came under renewed pressure amid shifting expectations for U.S. monetary policy; elevated Treasury yields and a stronger dollar weighed on the non-yielding metal, pushing spot gold below $4,000/oz after earlier gains. The report states that Gold CVOL, a 30-day forward-looking volatility indicator, showed implied volatility briefly rising in October before trending lower toward month end.
Copper (HXE) options activity also moderated, with monthly ADV reaching 3.9K contracts and weekly options averaging 750 contracts per day, down 15% from September. The report attributes the market's regional pricing divergence to stockpiling ahead of potential U.S. tariffs, which has concentrated inventories in U.S. warehouses while supplies outside the United States remain comparatively tight. The exchange describes its Copper options as the sole venue offering a dedicated screen for international copper options.
Platinum (PO) options trading moderated in October, with monthly ADV of 552 contracts, as prices declined to $1,433 per ounce, the lowest since September 2025. The World Platinum Investment Council (WPIC) projects industrial demand to grow 5% in 2026 while automotive demand contracts 4%, implying a 265,000-ounce surplus for the year. Silver (SO) options volume edged higher, with monthly ADV of 6.6K contracts and weekly ADV of 1.4K contracts, even as prices fell below $50/oz, their lowest since November 2025, on rising Treasury yields and expectations of further Federal Reserve rate hikes.
Weekly metals options moderated slightly in October, with ADV across the suite near 20.9K contracts. Friday expiries remain the core liquidity anchor, while Monday and Wednesday tenors are building secondary presence, which the report characterizes as a structural shift toward using weekly options as a daily risk-management tool.
Copper (HXE) options activity also moderated, with monthly ADV reaching 3.9K contracts and weekly options averaging 750 contracts per day, down 15% from September. The report attributes the market's regional pricing divergence to stockpiling ahead of potential U.S. tariffs, which has concentrated inventories in U.S. warehouses while supplies outside the United States remain comparatively tight. The exchange describes its Copper options as the sole venue offering a dedicated screen for international copper options.
Platinum (PO) options trading moderated in October, with monthly ADV of 552 contracts, as prices declined to $1,433 per ounce, the lowest since September 2025. The World Platinum Investment Council (WPIC) projects industrial demand to grow 5% in 2026 while automotive demand contracts 4%, implying a 265,000-ounce surplus for the year. Silver (SO) options volume edged higher, with monthly ADV of 6.6K contracts and weekly ADV of 1.4K contracts, even as prices fell below $50/oz, their lowest since November 2025, on rising Treasury yields and expectations of further Federal Reserve rate hikes.
Weekly metals options moderated slightly in October, with ADV across the suite near 20.9K contracts. Friday expiries remain the core liquidity anchor, while Monday and Wednesday tenors are building secondary presence, which the report characterizes as a structural shift toward using weekly options as a daily risk-management tool.
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