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The Tokyo Commodity Exchange announced today that July 2017 daily average volume was 111,540 contracts, up 15.9% from June. Volume increased for TOCOM’s most active contracts, including Dubai Crude Oil, which rose 45.9% to 30,598 contracts. Gold Standard was up 12.8% to 29,523 contracts. These gains overcame weakness for contracts including Rubber, which was down 5.1% to 7,957 contracts.
In July, the Gold market remained bearish through mid-month on growing expectations of higher U.S. interest rate. The market turned bullish once low U.S. inflation figures were reported and the dollar depreciated. TOCOM Dubai Crude Oil prices fell temporarily, but remained strong through the month in response to the signs of recovery of Chinese demand and OPEC’s compliance with production cuts. A two-month high was recorded on July 31.
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