The Tokyo Commodity Exchange (TOCOM) announced today that June 2013 trading volume averaged 118,959 contracts per day, up 8.3% from May 2013. Average daily volume increased thanks to gains in commodities such as Platinum, which was up 24.7% to 19,974 contracts, Crude Oil, which was up 10.5% to 4,545 contracts and Corn, which was up 56.3% to 2,076 contracts.
During the first half of the month, the global market remained subdued while waiting for the outcome of the FOMC meetings on June 18th and 19th. Such sentiment was felt at TOCOM as market volume remained tepid. Toward the end of June, however, commodity markets came to life in predictions for “tapering” of QE3. Concerns of consequent fund withdrawals from the market as well as a slowdown in emerging economies resulted in lower prices and increased volatility. Price declines were most significant in precious metals, and particularly gold, which dropped to 3,750 yen on June 28, the lowest the active contract has seen in 27 months.
Open interest at the end of June for all listed products totaled 290,174 contracts, a decrease of 12,572 contracts (-4.2%) from the prior month.
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