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The Tokyo Commodity Exchange announced today that average daily trading volume for August was 70,594 contracts, down 7.8% from July. TOCOM’s main commodities saw lower volume: Gold decreased 0.2% to 27,490 contracts, Platinum dropped 20.1% to 15,049 contracts and Rubber was down 7.8% to 7,479 contracts.
TOCOM Gold prices remained directionless on contrasting sentiments such as higher stock prices and expectations of a business recovery in the United States. August also saw lower consumer demand in China and the continuation of geopolitical tensions. Platinum volume gained with the influx of investments in anticiaption of increased manufacturing demand. Open interest increased to exceed that of Gold for the first time in almost 13 years at the end of August. Palladium prices advanced on continued supply concerns and a 13 ½ year high of 3,000 yen per gram was hit on August 29th.
Crude Oil prices declined through mid-month due to ample stocks and concerns of slowing economies in Europe and China. Prices rebounded in response to the improved U.S. economic indicators and a weakening yen against the U.S. dollar.
August in general saw lack of volatility and consequently reduced volumes. Monthly trading volume from the night sessions amounted to 666,010 contracts, which is 44.9% of total volume, a new record at TOCOM.
Open interest at the end of August 2014 for all listed products totaled 345,832 contracts, an increase of 36,651 (11.85%) from the end of June.
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