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The Tokyo Commodity Exchange announced today that August 2013 trading volume averaged 95,792 contracts per day, down 4.7% from July 2013. Average daily volume was lower for key commodities such as Gold, which was down 9.2% to 43,341 contracts; Platinum was down 4.7% to 14,390 contracts and Rubber was down 4.8% to 8,989 contracts. Conversely, petroleum markets saw higher volumes with Crude Oil up 13.2% to 3,971 contracts and Gasoline up 2.4% to 8,283 contracts.
Early August saw tepid commodity trading with predictions for an early tapering of QE3, but regained momentum later in the month in response to rising business confidence in China and growing tensions in Syria. On August 28, Gold and Crude Oil prices saw significant gains as the international community grew more nervous about the conflict in Syria. TOCOM Gold recorded a 2½-month high of 4,487 yen per gram for the back month contract, while NY Gold reached a 3½-year high of 1,434 USD per ounce. TOCOM Crude Oil advanced to 66,750 yen per kiloliter for the back contract month - its highest level in close to 6 years. Brent also rose to a 6-month high of 117 USD per barrel. Overall monthly volume decreased, however, due uncertainty over when the FRB will curb its asset-buying program. Usual summer holidays also played a role
Open interest at the end of August for all listed products totaled 300,271 contracts, an increase of 1,889 contracts (0.67%) from the previous month.
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