CME Metals Trading Sets Daily Volume Record Despite Higher Margins

CME Group’s precious metals markets posted a record trading session on 26 January, underscoring continued demand for listed derivatives even as margin requirements increased.

The exchange said futures and options activity across its metals complex reached 3,338,528 contracts, surpassing the previous daily high of 2,829,666 set in October 2025. The new figure represents an 18% increase and comes amid heightened volatility in global markets.

“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,” said Jin Hennig, Managing Director and Global Head of Metals at CME Group.

Silver-related products were a major driver of the record session. Micro Silver futures recorded their highest-ever daily volume at 715,111 contracts. Open interest in the contract also climbed to a new peak of 35,702 contracts, suggesting that traders were adding positions rather than engaging solely in short-term trading.

CME noted that the session ranked among the top five on record for several other products, including Silver futures, Micro Gold futures and 1-Ounce Gold futures. Activity across both standard and smaller-sized contracts pointed to broad participation as traders adjusted exposure to gold and silver.

The exchange has increasingly emphasized contract sizing as a way to attract a wider range of market participants. “Our expanding range of precious metal contracts provide clients of all sizes efficient access to right-sized risk management tools,” Hennig added.

CME has also announced plans to further expand its silver product lineup, with a 100-Ounce Silver futures contract scheduled for launch in February, pending regulatory approval. The contract is intended to address growing demand for silver exposure, particularly from retail traders.

The surge in activity follows a period of significant price movement in precious metals. After gold and silver prices reached record highs earlier this month, CME adjusted margin requirements, raising them twice within a week. The exchange also introduced a new margin framework for precious metals futures, shifting from fixed dollar amounts to percentage-based calculations.

Despite these higher collateral requirements, the latest data suggest that trading interest in CME’s metals markets has remained resilient.