.jpg)
The Tokyo Commodity Exchange announced today that futures’ average daily volume for October 2016 was 122,851 contracts, up 45.3% month-over-month. Volume increased significantly for TOCOM’s most actively traded products. Gold Standard was up 69.8% to 39,953 contracts, Gold Rolling Spot was up 41.4% to 18,653 contracts and Dubai Crude Oil was 27.4% to 23,947 contracts.
In Early November, the market was quiet as many investors adopted a wait-and-see approach before the U.S. presidential election. On November 9th, financial markets moved as election results came in. TOCOM price volatility for Dubai Crude Oil and many other commodities rose and the market traded actively. That day, volume across the TOCOM futures markets recorded the highest of the year at 292,050 contracts. The previous high was 267,231 contracts for June 24, when the U.K. voted for Brexit.
After the election, expectations rose for a weaker yen and economic boost precipitated by the tax cuts promised during President-elect Trump’s campaign. Prices for many commodities rose on heavy volume. November 14 saw Gold Rolling Spot trade 45,958 contracts, an all-time high.
At the end of November, open interest for all products was 555,033 contracts, an increase of 9,086 ( 1.66%) from the end of October. Gold Rolling Spot open interest reached a new high of 145,244 contracts on November 14, and Dubai Crude Oil at 185,440 contracts on November 24.
Click here for full details.
