February 2011

MONTHLY METALS UPDATE
– Chart Book
A Global Trading Summary of Metals Markets
• Highlights • Futures • Options

Monthly Metals Update

METALS TRADING HIGHLIGHTS
February 2011
• Average daily volume for February 2011 COMEX metal (Gold, Silver and Copper) futures was 289,201 contracts, compared with 298,820 contracts during February 2010, a decrease of 3.22 percent. Average daily volume for February 2011 COMEX metal (Gold, Silver and Copper) options was 48,506 contracts, compared with 29,579 contracts during February 2010, an increase of 63.99 percent. Average daily volume for February 2011 Gold futures was 144,234 contracts, compared with 190,320 contracts during February 2010, a decrease of 24.22 percent. Average daily volume for February 2011 Gold options was 39,694 contracts, compared with 23,601 contracts during February 2010, an increase of 68.19 percent. Average daily volume for February 2011 Silver futures was 88,143 contracts, compared with 56,060 contracts during February 2010, an increase of 57.23 percent. Average daily volume for February 2011 Silver options was 8,792 contracts, compared with 5,901 contracts during February 2010, an increase of 48.99 percent. Average daily volume for February 2011 Copper futures was 56,825 contracts, compared with 52,439 contracts during February 2010, an increase of 8.36 percent. Average daily volume for February 2011 Platinum futures was 5,113 contracts, compared with 4,402 contracts during February 2010, an increase of 16.15 percent. Average daily volume for February 2011 Palladium futures was 6,383 contracts, compared with 4,756 contracts during February 2010, an increase of 34.21 percent.

• • • • • • •

Average Price Options on Iron Ore Swap Futures Now Available
 

CME Group is now offering average price options on iron ore swap futures. These two new contracts, Iron Ore 62% Fe, CFR North China (Platts) Average Price Option (ICP) and Iron Ore 62% Fe, CFR China (TSI) Average Price Option (ICT), not only expand our slate of iron ore risk management tools, but complement the growing suite of bulk commodity futures and options, including dry freight, iron ore, steel and metallurgic coal. This comprehensive offering addresses risk along the entire chain of ferrous market price exposure, from input of raw material to output of finished products.

For more information please visit www.cmegroup.com/ironore.
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Scorecard - Average Daily Volume and Open Interest Statistics
February 2011
Average Daily Volume Open Interest U.S. and Metric Spot Price & Conversion US$ Spot Month Close Except Copper=Ave Month Close 28-Feb-'11 1,409.90 1,409.90 33.81 US$/Gram Except Copper=US$/MT Steel=US$/MT 28-Feb-'11 $45.33 $45.33 $1.09

Electronic/ Pit Ticker Symbols Gold Futures Options E-micro Gold Futures Silver Futures Options Copper Futures Options Platinum Palladium HRC Steel Futures Futures Futures GC OG MGC SI SO HG HX PL PA HR

Contracts 144,234 39,694 1,225 88,143 8,792 56,825 20 5,113 6,383 55

$ Notional ($ Millions) $20,336 $17 $14,901

Contracts 509,724 989,210 1,269 136,214 145,699

$ Notional ($ Millions) $71,866 $18 $23,027

20-Day Historical Volatility 9.28% 9.28% 20.81%

$6,381

149,834 250

$16,825

449.17

$9,902.42

22.92%

$463 $510 $0.88

39,639 22,615 8,394

$3,586 $1,806 $134

1,809.20 798.45 800.00

$58.17 $25.67 $882.03

17.21% 33.93% 19.01%

Futures ‐ Average Daily Volume
Palladium Futures Platinum Futures Copper Futures Silver Futures Gold Futures

500,000 450,000 400,000 350,000 Contracts 300,000 250,000 200,000 150,000 100,000 50,000 0

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Monthly Metals Update

COMEX Metal Futures ‐ Average Daily Volume and Year‐To‐Date Average Daily Volume
Copper Futures Gold Futures Silver Futures Gold Futures YTD ADV

450,000 400,000 350,000
ADV - Contracts

200,000 180,000 160,000
YTD ADV - Contracts YTD ADV - Contracts

300,000 250,000

140,000 120,000 100,000

200,000 80,000 150,000 100,000 50,000 0 60,000 40,000 20,000 0

NYMEX Metal Futures ‐ Average Daily Volume and Year‐To‐Date Average Daily Volume
Palladium Futures Platinum Futures YTD ADV Platinum Futures Palladium Futures YTD ADV

12,000

7,000 6,000 5,000

10,000

ADV - Contracts

8,000 4,000 6,000 3,000 4,000 2,000 2,000 1,000 0

0

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Options ‐ Average Daily Volume
Copper Options Silver Options Gold Options

60,000

50,000

40,000
Contracts

30,000

20,000

10,000

0

Gold Silver Options ‐ Average Daily Volume and Year‐To‐Date Average Daily Volume
Silver Options Gold Options YTD ADV Gold Options Silver Options YTD ADV

60,000

40,000 35,000

50,000

40,000 25,000

30,000

20,000 15,000

20,000 10,000 10,000 5,000 0 0

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YTD ADV - Contracts

30,000

Contracts

Monthly Metals Update

Futures Open Interest ‐ Month‐End
Palladium Futures Platinum Futures Copper Futures Silver Futures Gold Futures

1,200,000

1,000,000

800,000
Contracts

600,000

400,000

200,000

0

Options Open Interest ‐ Month‐End
Copper Options 1,400,000 Silver Options Gold Options

1,200,000

1,000,000
Contracts

800,000

600,000

400,000

200,000

0

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Gold Futures ‐ Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

300,000

100% 90%

250,000

80% 70% 60%

200,000

Contracts

150,000

50% 40%

100,000

30% 20% 10%

50,000

0

0%

Silver Futures - Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

120,000

120%

100,000

100%

80,000 Contracts

80%

60,000

60%

40,000

40%

20,000

20%

0

0%

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Monthly Metals Update

Copper Futures - Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

60,000

120%

50,000

100%

40,000

80%

Contracts

30,000

60%

20,000

40%

10,000

20%

0

0%

Platinum Futures ‐ Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

10,000 9,000 8,000 7,000

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Contracts

6,000 5,000 4,000 3,000 2,000 1,000 0

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Palladium Futures - Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

8,000 7,000 6,000

100% 90% 80% 70%

5,000

Contracts

60% 50% 40% 30%

4,000 3,000 2,000

20% 1,000 0 10% 0%

Gold Options ‐ Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

50,000 45,000 40,000 35,000

60%

50%

40%

Contracts

30,000 25,000 20,000 15,000 10,000 5,000 0 0% 20% 30%

10%

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Monthly Metals Update

Silver Options - Electronic Average Daily Volume
Total ADV Electronic ADV % of Electronic Volume

14,000

60%

12,000

50%

10,000 40%

Contracts

8,000 30% 6,000 20% 4,000 10%

2,000

0

0%

Gold Futures - Spot Month - 20-Day Historical Volatility
Gold Futures
60%

50%

40%

30%

20%

10%

0%

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Silver Futures - Spot Month - 20-Day Historical Volatility
Silver Futures
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

Copper Futures - Spot Month - 20-Day Historical Volatility
Copper Futures
120%

100%

80%

60%

40%

20%

0%

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Monthly Metals Update

Platinum Futures - Spot Month - 20-Day Historical Volatility
Platinum Futures
140%

120%

100%

80%

60%

40%

20%

0%

Palladium Futures - Spot Month - 20-Day Historical Volatility
Palladium Futures
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

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Average Hourly Total Volume - All Hours - February 2011
60,000 Copper Futures 50,000 Silver Options Silver Futures Gold Options 40,000
Contracts

Gold Futures

30,000

20,000

10,000

0

New York Time

Average Hourly Total Volume - Extended Trading Hours - February 2011
10,000 Copper Futures 9,000 8,000 7,000
Contracts

Silver Options Silver Futures Gold Options Gold Futures

6,000 5,000 4,000 3,000 2,000 1,000 0

New York Time

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Monthly Metals Update

Average Hourly Total Volume - All Hours - February 2011
1,800 Palladium Futures 1,600 1,400 1,200 Contracts 1,000 800 600 400 200 0 Platinum Futures

New York Time

Average Hourly Total Volume - Extended Trading Hours - February 2011
600 Palladium Futures Platinum Futures 500

400 Contracts

300

200

100

0

New York Time

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20 South Wacker Drive Chicago, Illinois 60606 cmegroup.com

info@cmegroup.com 800 331 3332 312 930 1000

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212 299 2000
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Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All references to options refer to options on futures. CME Group is a trademark of CME Group, Inc. The Globe Logo, CME, Chicago Mercantile Exchange, and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. New York Mercantile Exchange and NYMEX are registered trademarks of the New York Mercantile Exchange, Inc. All other trademarks are the properties of their respective owners. The information within this brochure has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, and NYMEX rules. Current rules should be consulted in all cases concerning contract specifications. Copyright © 2010 CME Group. All rights reserved.
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