The Tokyo Commodity Exchange announced today that average daily volume for January 2016 was 128,910 contracts, up 27.5% from December 2015. TOCOM Dubai Crude Oil, one of TOCOM’s leading contracts, saw volume rise sharply - up 54.5% to 37,016 contracts. The Gold standard contract was also active with volume increasing 19.0% to 32,488 contracts.
Crude oil prices fell dramatically in January with concerns over a slowing Chinese economy and Saudi Arabia and Iran breaking diplomatic relations. Many other commodities followed oil lower with high volatility being seen as a driving force behind the active market.
TOCOM’s Dubai Crude Oil volume hit 703,313 contracts. This was the second consecutive month the contract recorded a new high. Crude also outpaced the Gold standard contract as TOCOM’s most active contract for the month.
End-January open interest for all products was 401,732 contracts, a decrease of 13,402 contracts, or -3.23%, from the end of December 2015.
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