ERJ staff report (BC)
Tokyo – March 2013 trading volume at the Tokyo Commodity Exchange (TOCOM) was down 29.9% from February at 112 673 contracts per day on average.
Daily volume fell for all listed products except rubber, where it increased by 0.5 percent.
TOCOM attributes increased trading in the first half of March to expectation of the economic recovery gaining momentum, as evidenced by the US Dow Jones Industrial Average which reached an all-time high. In the following half, however, the market stagnated with a significant drop in volume in response to the Cyprus bailout – a continuation, says TOCOM, of the European sovereign debt crisis.
For fiscal 2012 (from April 2012 to March 2013), trades on TOCOM totaled 26 502 661 contracts, down 14.2% on a year-to-year basis. Annual volume averaged 108 174 contracts per day, down 13.8% from last year. TOCOM attributes this to the euro crisis and consequent global economic slowdown.
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