Currency, Crude Futures 
Lead DGCX Rise in June

DUBAI - The Dubai Gold and Commodities Exchange, or DGCX, recorded a 19 per cent jump in its year-on-year traded contracts volume in June led by higher interest in currency and crude oil futures. The exchange traded 162,969 contracts in June, valued at $8.5 billion, with gold futures volume retaining the top spot in June, DGCX
said in a statement.

By Abdul Basit

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Published: Wed 8 Jul 2009, 2:29 AM

Last updated: Thu 2 Apr 2015, 4:42 AM

“The year-on-year growth in total volume was largely driven by British pound/dollar, Indian rupee/dollar and West Texas Intermediate crude oil futures contracts,” the statement said. However, gold futures volume accounted for the “highest number of contracts traded,” it said.

The year on year growth in total volume was largely driven by British Pound/Dollar, Indian Rupee/Dollar and WTI crude oil futures contracts. However, gold futures volume retained the top spot in June, accounting for the highest number of contracts traded. Trading in British Pound/Dollar and Indian Rupee/Dollar rose by 65 per cent and 652 per cent respectively in June compared with the same period last year. Average daily volume for the month of June stood at 7,407 contracts, an increase of 14 per cent on last year.

The merits of trading derivatives in the region have assumed greater significance amid the continued price volatility in global commodities and currencies, said DGCX Chief Executive Officer Malcolm Wall Morris.

Commenting on the monthly volume on DGCX, Wall Morris said, “Despite a marked difference in the regional economic environment in 2009 vis-à-vis last year, the growth in June supports DGCX’s strategy of offering a diverse portfolio of commodity and currency futures contracts to meet the demand and requirements of local marketparticipants.”

abdulbasit@khaleejtimes.com



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