NEW YORK (Scrap Register): Exchange operator CME Group reports that metals-trading volume averaged 550,000 contracts per day in July, up 9% from 503,000 in July 2016 and up 7% from 512,000 the prior month.
Gold futures and options average daily volume grew 5% from a year ago to 342,000 contracts, with the daily gold options volume of 40,000 contracts up 35%.
Daily silver futures and options average volume rose 22% year-on-year to 98,000 contracts. There was 15% growth for base metals, including copper futures and options, which averaged more than 87,000 contracts per day, up 15%.
A record number of open positions in copper futures was hit at 319,000 contracts at end of the month, CME Group reported.
Meanwhile, the rolling three-month average for metals volume was 533,000 for the period ending with July, the same as for the period ending with June.