CME Group: Metals Volume Soars To Monthly Record In January
Exchange operator CME Group reports that metals-trading volume averaged a record 763,000 contracts per day in January, up 45% from 525,000 in the same month a year ago. Sequentially, last month’s volume was up 44% from 531,000 in December. January gold futures and options average daily volume was 45% higher year-on-year to 491,000 contracts, while that for silver rose 48% to 112,000 contracts. Copper futures and options average volume increased 56% to 133,000 contracts. The rolling three-month average for the period ending in January was average metals trading volume of 684,000 contracts. This was up from 616,000 for the comparable period ending in December, 657,000 for the period ending in November and 615,000 for the period ending with October.
By Allen Sykora of Kitco News; email@example.com
Commerzbank: China’s Gold Demand Rises ‘Significantly’ In 2017
Friday February 2, 2018 08:32
Chinese gold demand was “significantly” higher again last year, says Commerzbank. Analysts cite data from the China Gold Association showing that demand grew by 9.4% to 1,089 tonnes in 2017. Demand for jewelery and bars was up 10.4% and 7.3%, respectively. “The figures reported by the CGA are well above the estimates of the World Gold Council, which had projected gold demand of 850-950 tonnes in 2017,” Commerzbank says. Meanwhile, Chinese gold production declined by 6% to 426 tonnes last year. Commerzbank notes that the CGA attributes the decline to mine closures and the withdrawal of mining rights.