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The Tokyo Commodity Exchange (TOCOM) announced today that July 2013 trading volume averaged 100,524 contracts per day, down 7% from June 2013. Average daily volume fell in its most active commodities such as Gold, down 12.8% to 47,716 contracts; Platinum, down 24.4% to 15,100 contracts; and Crude Oil, which was down 22.8% to 3,507 contracts.
July saw subdued trading awaiting the announcement of the Current Employment Statistics, USDA World Agricultural Supply and Demand Estimates Report as well as FOMC meetings. TOCOM tends to be subdued in such situations.
Predictions for the continuation of QE3 pushed Gold prices higher toward the latter half of the month, where it recovered to over 4,300 yen per gram in the back contract month. It fell back, however, at month-end due to an appreciating Japanese Yen. Crude oil gained on growing tentions in the Middle East and stronger macroeconomic indicators. It marked a 17-month-high of 65,220 yen per kiloliter on July 19 in the back contract month, but declined afterwards on predictions of slowing growth in China.
Open interest at the end of July for all listed products totaled 298,382 contracts, an increase of 8,208 contracts (2.75%) from the previous month.
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