Tokyo Commodity Exchange (TOCOM) announced today that January2012 trading volume averaged 107,744 contracts per day, down 4.2% from December 2011. There was a notable increase in Rubber (up 26.2% to 9,488 contracts) and Platinum (up 6.4% to 12,919 contracts), but the volume of Gold, which is the most traded commodity at TOCOM and some of the other products decreased (Gold Standard, down 7% to 54,095 contracts, Gold Mini down 20.4% to 12,259 contracts).
The decreases may be largely attributed to the European debt crisis, which resulted in the financial turmoil spreading globally and in markets to stagnate. The Chinese New Year in the midst of the month also may have slowed trading on TOCOM.
Significant hike in oil price was anticipated amid growing tension around Iran, but the volatility of the TOCOM Crude Oil market (back contract month) remained moderate, ranging from 51,000 yen to 53,000 yen per kiloliter. Gold prices (back contract month/settlement price) increased by 8.2% from the beginning of this year reflecting a reevaluation of gold as a “safe asset” and the maintaining of zero interest policy at the FRB.
Open interest at the end of January for all listed commodities totaled 330,030 contracts, an increase of 6,229 contracts from the end of the previous month.
Click here for full details.
