Key Takeaways
- • CME Group reports that 24/7 trading in 1-Ounce Gold futures (launched July 24) and 100-Ounce Silver futures (expanded September 11) has drawn over 200K contracts worth nearly $950 million in notional value on the new weekend schedule.
- • Copper (HG) futures averaged 68K contracts ADV in Q3 year to date, with open interest up 31% year over year to over 301K contracts, while COMEX registered copper stocks rose from 88.5K metric tons in early 2025 to over 711K metric tons by October 2026.
- • Platinum futures averaged 21.1K contracts ADV in Q3 with open interest reaching 60K, and Palladium futures averaged 5.7K ADV with open interest near 18K by end-September.
- • Hot Rolled Coil steel futures reached a record 42K open interest in Q3, and the North European HRC (EHR) contract posted a record Q3 with open interest above 10K.
- • Cobalt futures open interest hit a record 15K and Lithium Carbonate futures set a Q3 record, with lithium carbonate futures up 189% year to date and cobalt futures up 76%, according to CME Group.
Summary
CME Group's Q4 2026 Metals Update, published by the exchange operator, reviews third-quarter activity across its metals futures complex and highlights continued growth in precious, industrial, and battery metals contracts. The update is a promotional and quarterly review piece issued by CME Group itself, so the figures reflect the exchange's own reporting.
In precious metals, CME Group said continuous weekend trading has gained traction since 24/7 trading for 1-Ounce Gold futures launched July 24 and was extended to 100-Ounce Silver futures on September 11. The exchange said the change addresses demand for uninterrupted weekend risk management and removes the 60-minute daily electronic trading break. Since going 24/7, more than 200K contracts worth nearly $950 million in notional value have traded across the two contracts. The exchange also reported that the annual Precious Metals Dinner, held September 16 during New York Platinum Week, drew over 350 producers, traders, strategists and executives, with a fireside discussion featuring former Virginia Governor Glenn Youngkin.
Platinum and palladium futures showed rising commercial participation in Q3, which CME Group attributed to constrained mine supply, automotive catalyst demand and industrial hedging. Platinum averaged 21.1K contracts ADV with open interest climbing to 60K, while palladium averaged 5.7K contracts ADV and ended September with open interest near 18K, driven by industrial hedgers and institutional traders in auto catalyst and clean-tech supply chains.
Steel markets saw record open interest in U.S. Hot Rolled Coil futures, which averaged 1.6K contracts ADV in Q3 with open interest reaching a record 42K despite shifting trade regulations. The European North HRC contract hit a record Q3, ending September with 470 contracts ADV and open interest above 10K, supported by growing screen and block liquidity during the European trading day.
Copper activity was the largest in the update. Copper (HG) futures averaged 68K contracts ADV through Q3 year to date, and open interest rose 31% year over year to over 301K contracts, led by producers, swap dealers and managed money. CME Group linked the build-up to trade policy expectations: anticipated U.S. tariffs pushed domestic futures to a premium over European pricing, drawing imported metal into U.S. vaults. COMEX registered copper stocks rose from 88.5K metric tons in early 2025 to more than 711K metric tons by October 2026. Micro Copper (MHG) futures averaged 21K contracts ADV.
In battery metals, Cobalt (COB) futures averaged 250 contracts ADV in Q3 with open interest reaching a record 15K, and Lithium Carbonate (LTC) futures posted a Q3 record with 120 contracts ADV and open interest above 6.5K. According to the update, lithium carbonate futures are up 189% year to date and cobalt futures are up 76%. The exchange characterized these markets as volatile, driven by the electric vehicle and battery storage transition.
In precious metals, CME Group said continuous weekend trading has gained traction since 24/7 trading for 1-Ounce Gold futures launched July 24 and was extended to 100-Ounce Silver futures on September 11. The exchange said the change addresses demand for uninterrupted weekend risk management and removes the 60-minute daily electronic trading break. Since going 24/7, more than 200K contracts worth nearly $950 million in notional value have traded across the two contracts. The exchange also reported that the annual Precious Metals Dinner, held September 16 during New York Platinum Week, drew over 350 producers, traders, strategists and executives, with a fireside discussion featuring former Virginia Governor Glenn Youngkin.
Platinum and palladium futures showed rising commercial participation in Q3, which CME Group attributed to constrained mine supply, automotive catalyst demand and industrial hedging. Platinum averaged 21.1K contracts ADV with open interest climbing to 60K, while palladium averaged 5.7K contracts ADV and ended September with open interest near 18K, driven by industrial hedgers and institutional traders in auto catalyst and clean-tech supply chains.
Steel markets saw record open interest in U.S. Hot Rolled Coil futures, which averaged 1.6K contracts ADV in Q3 with open interest reaching a record 42K despite shifting trade regulations. The European North HRC contract hit a record Q3, ending September with 470 contracts ADV and open interest above 10K, supported by growing screen and block liquidity during the European trading day.
Copper activity was the largest in the update. Copper (HG) futures averaged 68K contracts ADV through Q3 year to date, and open interest rose 31% year over year to over 301K contracts, led by producers, swap dealers and managed money. CME Group linked the build-up to trade policy expectations: anticipated U.S. tariffs pushed domestic futures to a premium over European pricing, drawing imported metal into U.S. vaults. COMEX registered copper stocks rose from 88.5K metric tons in early 2025 to more than 711K metric tons by October 2026. Micro Copper (MHG) futures averaged 21K contracts ADV.
In battery metals, Cobalt (COB) futures averaged 250 contracts ADV in Q3 with open interest reaching a record 15K, and Lithium Carbonate (LTC) futures posted a Q3 record with 120 contracts ADV and open interest above 6.5K. According to the update, lithium carbonate futures are up 189% year to date and cobalt futures are up 76%. The exchange characterized these markets as volatile, driven by the electric vehicle and battery storage transition.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.