Why on COMEX largest volume trade in nearer future delivery and in TOCOM largest volume trade in far future delivery?
Volume on all the TOCOM commodities are heavily weighted in the backs. Regulation/tax/margin issue my guess.
I havn't access to TOCOM I found answer couple weeks ago in article "War Against Gold: Central Banks Fight For Japan" (7/26/99 - really old but still current) http://www.fame.org/pdf/howe_war_against_gold.pdf