TOCOM Gold Standard rises sharply in July

JAPAN August 02 2016 1:40 PM

TOKYO (Scrap Register): The Tokyo Commodity Exchange announced today that average daily volume for July 2016 was 122,163 contracts, up 5.9% month over month. 

TOCOM’s major contracts had mostly higher volume; Gold Standard increased 13.5% to 47,217 contracts and Platinum Standard rose 25.1% to 14,159 contracts. This outweighed decreases in a few contracts such as Dubai Crude Oil, which was down 2.5% to 19,967 contracts.

In July, Gold continued to trade heavily after Brexit prompted safe-haven buying and was further supported after the FRB’s decision to hold interest rates steady. Platinum prices rose significantly on strong global automobile sales and trade expanded.

TOCOM Dubai Crude Oil prices were bearish through the month on uncertainty about future growth. This kept market volume in check.

Gold Physical Transaction was launched on July 25 and got off to a good start. During the first five trading days, 26 lots for 100 grams bar were executed.

At the end of July, open interest for all products was 400,636 contracts, a decrease of 6,852 (2.36%) from the end of June.