Wednesday, 28/01/2026 | 03:54 GMT+8 by Jared Kirui

• Silver trading played a major role, with micro silver futures reportedly hitting a new daily record of 715,111 contracts.
• CME earlier changed its margin calculation system for precious metals, moving from fixed-dollar amounts to percentage-based margins.

CME Group’s metals complex set a new single‑day volume record on Tuesday, highlighting how traders increased their use of listed precious metals derivatives amid ongoing market uncertainty.

CME Group reported that trading in its metals futures and options complex reached 3,338,528 contracts on 26 January. The figure exceeded the previous daily record of 2,829,666 contracts set on Friday, 17 October 2025, marking an 18% increase.

“Amid ongoing macro-economic uncertainty, record volatility and heightened price risk, clients are turning to our markets to hedge and adjust precious metals exposure to meet their trading goals,” Jin Hennig, Managing Director and Global Head of Metals at CME Group, linked the surge to the broader macro backdrop.

Record 3.3 Million-Contract Session

Precious metals demand, led by silver, played a key role in the record session. Micro Silver futures posted a daily record volume of 715,111 contracts. Open interest in the contract climbed to an all‑time high of 35,702 contracts, indicating that participants added to positions rather than trading purely intraday.

The record day also ranked among the top five sessions for several related products. CME said Silver futures, Micro Gold futures and 1‑Ounce Gold futures all recorded top‑tier trading days. The flows pointed to broad use of both standard and smaller‑notional contracts as traders adjusted gold and silver exposure.

Emphasis on “Right-Sized” Risk Tools

CME Group continued to highlight contract design as a factor behind growing participation. “Our expanding range of precious metal contracts provide clients of all sizes efficient access to right-sized risk management tools,” Hennig added. The exchange positions micro and 1‑ounce products as instruments that allow more granular hedging and speculation within the listed derivatives framework.

The latest record session suggested that these instruments now form a significant part of daily metals risk management strategies.

CME Group plans to expand its silver offering further in February. The exchange has announced the planned launch of 100‑Ounce Silver futures next month, subject to regulatory review. The new contract reportedly aims to address record retail demand for silver exposure.

Toward the end of last year, gold and silver prices slipped as investors took profits following a historic annual rally. Subsequently, CME raised margin requirements on precious metal futures for the second time in a week.

The group also implemented a new margin calculation system for precious metals futures early this month, shifting from fixed dollar amounts to percentage-based requirements.

The change followed the surge in gold and silver prices to record highs earlier this week, prompting the exchange to update how traders post collateral for these contracts.

Source: https://www.financemagnates.com/institutional-forex/higher-margins-fails-to-dampen-trading-at-cmes-metals-markets-as-volumes-jump-18/