Tokyo Commodity Exchange August Volume Averaged 88,802 Contracts Per Day, Down 27.3%

The Tokyo Commodity Exchange announced today that average daily volume for August 2016 was 88,802 contracts, down 27.3% month over month. TOCOM’s main contracts saw lower volume; Gold Standard deceased 39.6% to 28,508 contracts and Platinum Standard dropped 26.4% to 10,416 contracts. However, volume through August stands at 18,972,192 contracts, which is up 16.7% over the same period last year.

The gold market stagnated in August, with prices falling on expectations for an FRB rate hike before the end of this year. Volatility also fell due to the modest exchange rate fluctuations that moderated trade volume.

TOCOM Dubai Crude Oil continued bullish trading on the IEA’s prospects of supply reductions and expectations that OPEC would agree on market stabilizing measures including a production freeze. The depreciation of the yen also contributed to an oil price increase.

At the end of August, open interest for all products was 529,293 contracts, an increase of 128,657 (29.9%) from the end of July. It is the highest since August 17, 2007 at 543,223 contracts. Gold Rolling Spot hit new records for open interest six times during the month (August 3rd, 8th, 16th, 19th, 24th and 30th) ending at 113,358 contracts. Open interest for Dubai Crude Oil also made six new highs (August 8th, 9th, 10th, 12th, 17th and 17th) to 174,242 contracts.

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