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The Tokyo Commodity Exchange announced today that average daily volume for May 2016 was 109,860 contracts, down 6.2%. TOCOM’s largest contracts saw lower volume; Gold Standard dropped 2.8% to 34,636 contracts, Dubai Crude Oil fell 11.4% to 24,425 contracts and Rubber was down 8.3% to 10,505 contracts. Total monthly volume was up 23.0% to 2,087,332 contracts year-on-year.
In May, decreased shale oil production as well as political instability in Nigeria and Libya pushed WTI to 50 USD, a 7 month high. TOCOM Dubai Crude Oil rose above 32,000 yen per liter, a 6 month high. Rubber prices fell due to an apparent increase in supply. Shanghai’s experienced growing stockpiles and producer countries increased supply.
In the meantime, the Gold Rolling Spot contract, which celebrated the first anniversary, gained 5.6% to 17,238 contracts. End-May open interest reached a new high at 98,936 contracts. The rapid development of this product follows its unique attributes, such as the lack of a maturity date, which is meeting the needs of investors.
At the end of May, open interest for all products was 398,081 contracts, an increase of 20,852 (5.5%) from the end of April.
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