The Tokyo Commodity Exchange announced today that March 2019 average daily volume was 79,276 contracts, down 1.3% from February and down 27.0% from March 2018. Volume increased for TOCOM’s largest contracts, such as Gold Standard, which grew 5.8% month-over-month to 33,404 contracts and Platinum Standard increased 21.7% to 14,700 contracts. Meanwhile, Gold Rolling Spot decreased 25.6% to 6,177 contracts, Gold Mini fell 5.8% to 3,250 contracts and Dubai Crude Oil declined 23.8% to 10,076 contracts.
In March, TOCOM Gold traded through the month around the 4,600 yen per gram level, settling just below that level at month-end. At their March meeting, U.S. Federal Reserve Open Market Committee indicated that they would hold interest-rates steady through 2019. This gave stabilized gold prices on a dollar basis, with a stronger yen and the yen-based gold range-bound.
TOCOM Dubai Crude Oil traded around the 45,000 yen per kiloliter level in March. Globally, crude prices remained steady with growing expectations for an OPEC production cut. A curb on shale production growth was also an indication of reduced supply. The appreciation of the yen, however, countered crude gains and yen-based oil had little overall movement.
TSR20 Rubber had 600 tons delivered against the April 2019 contract, which expired on March 29, triple the amount of February 2019 contracts delivered. TSR20 futures were launched in October 2018.
Exchange-wide open interest was 343,978 contracts at month-end, down 2,849 contracts (-0.8%) from March 2019.
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