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The Tokyo Commodity Exchange announced today that June 2019 average daily volume was 100,363 contracts, up 42.5% from May and down 0.5% from June 2018. Volume increased for some of TOCOM’s most active contracts, such as Gold Standard, which grew 121.6% from May to 53,961 contracts, Gold Rolling Spot increased 129.7% to 8,910 contracts and Gold Mini was up 97.9% to 4,335 contracts. On June 20 and 21, daily volume surpassed 100,000 contracts for Gold Standard for the first time since November 2016. It traded 109,246 contracts on June 20th, and 101,595 contracts on the following day. Platinum Standard decreased 29.3% to 11,286 contracts and Dubai Crude Oil fell 6.3% to 11,034 contracts.
In May, TOCOM Gold prices advanced sharply from 4,521 to 4,932 yen per gram - the highest since January 2015 – before falling back to the mid-4,800 level. Speculative money poured into gold after strong indications of an interest rate cut following the 2-day Federal Open Market Committee meeting. Geopolitical uncertainty after Iran’s shooting of the U.S. drone aircraft also played a role.
TOCOM Dubai Crude Oil prices remained range-bound between 37,000 and 40,000 yen per kiloliter through the middle of the month. By month’s end, prices rose above 41,000 yen. Concerns for a slowing global economy pushed prices to a six month low. A strong stock market over-anticipated rate cuts and the growing risk of a military clash led buyers to dominate trade.
Exchange-wide open interest was 355,290 contracts at month-end, down 11,799 contracts (3.2%) from May 2019.
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