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Monthly Metals Review - December 2015

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1) METALS December 2015 Monthly Metals Review A Global Trading Summary of Metals Markets  Highlights  Futures  Options How the world advances

2) Monthly Metals Review METALS TRADING HIGHLIGHTS December 2015 Highlights: • Average daily volume for December 2015 COMEX metal (Gold, Silver and Copper) futures was 211,333 contracts, compared with 236,370 contracts during December 2014, a decrease of 10.59 percent. • Average daily volume for December 2015 COMEX metal (Gold, Silver and Copper) options was 26,250 contracts, compared with 34,187 contracts during December 2014, a decrease of 23.22 percent. • Average daily volume for December 2015 Gold futures was 124,329 contracts, compared with 150,348 contracts during December 2014, a decrease of 17.31 percent. • Average daily volume for December 2015 Gold options was 23,263 contracts, compared with 28,490 contracts during December 2014, a decrease of 18.35 percent. • Average daily volume for December 2015 Silver futures was 39,313 contracts, compared with 43,852 contracts during December 2014, a decrease of 10.35 percent. • Average daily volume for December 2015 Silver options was 2,962 contracts, compared with 5,665 contracts during December 2014, a decrease of 48.35 percent. • Average daily volume for December 2015 Copper futures was 47,691 contracts, compared with 42,170 contracts during December 2014, an increase of 13.09 percent. • Average daily volume for December 2015 Platinum futures was 18,578 contracts, compared with 16,388 contracts during December 2014, an increase of 13.36 percent. • Average daily volume for December 2015 Palladium futures was 3,043 contracts, compared with 3,209 contracts during December 2014, a decrease of 7.51 percent. 1

3) www.cmegroup.com/metals Scorecard - Average Daily Volume and Open Interest Statistics December 2015 Average Daily Volume Open Interest Electronic /Pit $ Notional Ticker Symbols Contracts ($ Millions) Gold Futures GC CME ClearPort Options 124,329 U.S. and Metric Spot Price & Conversion $ Notional Contracts ($ Millions) US$ Spot US$/Gram Month Close Except Except Copper=Ave Copper=US$/MT Month Close Steel=US$/MT 31-Dec-'15 31-Dec-'15 $13,181 415,636 20-Day Historical Volatility $44,066 1,060.20 $34.09 17.81% 3,096 OG CME ClearPort 23,263 967,601 3,918 E-micro Gold Futures MGC 2,355 $25 1,770 $19 1,060.20 $34.09 17.81% Silver Futures SI 39,313 $2,710 168,442 $11,613 13.789 $0.44 31.73% SO 2,926 $8,638 208.216 $4,590.37 25.18% $2,918 892.60 $28.70 32.92% $1,375 561.75 $18.06 31.66% $203 401.00 $442.12 5.55% CME ClearPort Options 456 CME ClearPort Copper Futures HG CME ClearPort 47,691 HX 165,936 61 Futures PL 18,578 Options PO 125 Futures PA 3,043 CME ClearPort Palladium $2,483 41 Options Platinum 94,193 91 2,627 $829 65,383 574 CME ClearPort 2,274 $171 24,483 118 Options PAO 29 Futures CME ClearPort HR 145 145 Aluminum MW U.S. Transaction Premium Platts Futures AUP 136 22,008 Iron Ore 62% Fe, CFR China (TSI) Futures TIO 694 21,669 Iron Ore 62% Fe, CFR China (TSI) Options Average Price ICT 457 35,782 HRC Steel 3,449 $1.16 25,266 Note: CME ClearPort volumes are already included in futures or options volumes. 2

4) Monthly Metals Review Futures - Average Daily Volume Palladium Futures Platinum Futures Copper Futures Silver Futures Gold Futures 500,000 450,000 400,000 Contracts 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 COMEX Metal Futures - Average Daily Volume and Year-To-Date Average Daily Volume Copper Futures Gold Futures YTD ADV Silver Futures Silver Futures YTD ADV 500,000 Gold Futures Copper Futures YTD ADV 250,000 450,000 ADV - Contracts 350,000 300,000 150,000 250,000 200,000 100,000 150,000 50,000 100,000 50,000 0 0 3 YTD ADV - Contracts 200,000 400,000

5) www.cmegroup.com/metals NYMEX Metal Futures - Average Daily Volume and Year-To-Date Average Daily Volume Palladium Futures Platinum Futures Platinum Futures YTD ADV Palladium Futures YTD ADV 30,000 16,000 14,000 25,000 20,000 10,000 8,000 15,000 6,000 10,000 4,000 5,000 2,000 0 0 Options - Average Daily Volume Platinum Options Palladium Options Copper Options 90,000 80,000 70,000 Contracts 60,000 50,000 40,000 30,000 20,000 10,000 0 4 Silver Options Gold Options YTD ADV - Contracts ADV - Contracts 12,000

6) Monthly Metals Review Gold Silver Options - Average Daily Volume and Year-To-Date Average Daily Volume Silver Options Gold Options Gold Options YTD ADV Silver Options YTD ADV 90,000 50,000 80,000 45,000 ADV - Contracts 35,000 60,000 30,000 50,000 25,000 40,000 20,000 30,000 15,000 20,000 10,000 10,000 5,000 0 0 Futures Open Interest - Month-End Palladium Futures Platinum Futures Copper Futures 1,200,000 1,000,000 Contracts 800,000 600,000 400,000 200,000 0 5 Silver Futures Gold Futures YTD ADV - Contracts 40,000 70,000

7) www.cmegroup.com/metals Options Open Interest - Month-End Platinum Options Palladium Options Copper Options Silver Options Gold Options 2,500,000 Contracts 2,000,000 1,500,000 1,000,000 500,000 0 Gold Futures - Average Daily Volume (ADV) and Open Interest (OI) Total ADV Open Interest OI ADV 300,000 700,000 600,000 250,000 500,000 200,000 400,000 150,000 300,000 100,000 200,000 50,000 100,000 0 0 6

8) Monthly Metals Review Silver Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV Total ADV Open Interest OI 160,000 250,000 140,000 200,000 120,000 100,000 150,000 80,000 100,000 60,000 40,000 50,000 20,000 0 0 Copper Futures - Average Daily Volume (ADV) and Open Interest (OI) ADV Total ADV Open Interest 120,000 OI 200,000 180,000 100,000 160,000 140,000 80,000 120,000 60,000 100,000 80,000 40,000 60,000 40,000 20,000 20,000 0 0 7

9) www.cmegroup.com/metals Platinum Futures - Average Daily Volume (ADV) and Open Interest (OI) Total ADV Open Interest OI ADV 25,000 90,000 80,000 20,000 70,000 60,000 15,000 50,000 40,000 10,000 30,000 20,000 5,000 10,000 0 0 Palladium Futures - Average Daily Volume (ADV) and Open Interest (OI) Total ADV Open Interest ADV 12,000 OI 50,000 45,000 10,000 40,000 35,000 8,000 30,000 6,000 25,000 20,000 4,000 15,000 10,000 2,000 5,000 0 0 8

10) Monthly Metals Review Gold Options - Electronic Average Daily Volume Total ADV Electronic ADV % Electronic ADV 80% 70,000 70% 60,000 60% 50,000 50% 40,000 40% 30,000 30% 20,000 20% 10,000 Contracts 80,000 10% 0 0% Silver Options - Electronic Average Daily Volume Total ADV Electronic ADV 16,000 % Electronic ADV 100% 90% 14,000 80% 12,000 70% Contracts 10,000 60% 8,000 50% 40% 6,000 30% 4,000 20% 2,000 10% 0 0% 9

11) www.cmegroup.com/metals Gold Futures - Spot Month - 20-Day Historical Volatility Gold Futures 60% 50% 40% 30% 20% 10% 0% Silver Futures - Spot Month - 20-Day Historical Volatility Silver Futures 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10

12) Monthly Metals Review Copper Futures - Spot Month - 20-Day Historical Volatility Copper Futures 120% 100% 80% 60% 40% 20% 0% Platinum Futures - Spot Month - 20-Day Historical Volatility Platinum Futures 140% 120% 100% 80% 60% 40% 20% 0% 11

13) www.cmegroup.com/metals Palladium Futures - Spot Month - 20-Day Historical Volatility Palladium Futures 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Average Hourly Total Volume - All Hours - December 2015 35,000 Copper Futures 30,000 Silver Options Silver Futures 25,000 Gold Options Contracts Gold Futures 20,000 15,000 10,000 5,000 0 New York Time 12

14) Monthly Metals Review Average Hourly Total Volume - Extended Trading Hours - December 2015 Copper Futures Gold Options Silver Options Gold Futures Silver Futures 10,000 9,000 8,000 Contracts 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 New York Time Average Hourly Total Volume - All Hours - December 2015 4,500 Palladium Futures 4,000 Platinum Futures 3,500 Contracts 3,000 2,500 2,000 1,500 1,000 500 0 New York Time 13

15) www.cmegroup.com/metals Average Hourly Total Volume - Extended Trading Hours - December 2015 900 Palladium Futures Platinum Futures 800 700 Contracts 600 500 400 300 200 100 0 New York Time CFTC COT Report - Gold Futures Open Positions - Long Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 350,000 50% 45% 300,000 Open Interest - Contracts 40% 250,000 35% 30% 200,000 25% 150,000 20% 15% 100,000 10% 50,000 5% 0 0% Source: CFTC 14

16) Monthly Metals Review CFTC COT Report - Silver Futures Open Positions - Long Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 100,000 40% 90,000 35% Open Interest - Contracts 80,000 30% 70,000 25% 60,000 50,000 20% 40,000 15% 30,000 10% 20,000 5% 10,000 0 0% Source: CFTC CFTC COT Report - Copper Futures Open Positions - Long Swap Dealers Long Managed Money Long % Swap Dealers Long % Managed Money Long 140,000 60% Open Interest - Contracts 120,000 50% 100,000 40% 80,000 30% 60,000 20% 40,000 10% 20,000 0 0% Source: CFTC 15

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