The Tokyo Commodity Exchange announced today that average daily trading volume for July 2015 was 109,677 contracts, up 18.5% from June 2015. Year-on-year volume gained 43.2%. TOCOM’s most actively traded product, Gold increased 11.1% to 31,836 contracts. Platinum volume gained 38.9% to 19,530 contracts and Corn increased 49.6% to 3,235 contracts. Gold Daily Futures continues to build up with the increase in average daily volume of 35.1% to 15,335 contracts and in its month-end open interest of 11.1 % to 66,586 contracts.
Gold volume likely increased as prices fell significantly in the second half of the month. The price decline followed forecasts that U.S. interest rates might rise in the near future and economic slowdown in China. Corn prices surged mid-month on USDA “World Agricultural Supply and Demand Estimates” that suggested tight supplies, as well as heavy rainfall in the Midwest. On July 15, corn hit a more than 2-year high of 28,590 yen per 1,000 kilograms for the back contract month. Thereafter, prices declined sharply on improved weather forecasts. This high price volatility led to an increase in volume.
TOCOM open interest at the end of July 2015 was 406,425 contracts, a decrease of 9,178 contracts from the end of May.
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