DGCX Volume Hits All-Time Monthly High in June
Total volume on Dubai Gold & Commodities Exchange (DGCX) rose to an all-time high in June at 192,138 contracts, surpassing the previous peak achieved in November 2009. The strong activity was led by significant increases in volume across all product suites - precious metals, currencies and crude oil. Month-on-month volume rose by 24% for gold, 95% for Euro/Dollar, 40% for INR and 187% for WTI futures.
Setting yet another record, the volume of Indian Rupee/Dollar futures also scaled a new monthly high in June, at 12,159 contracts, demonstrating robust demand for the product.
Trading and participation on the Exchange has continued to expand since the start of 2010, borne out by a year-to-date June 2010 volumes of 934,403 contracts compared to 631,850 contracts over the same period in 2009, a growth of 48%.
The underlying value of total commodity and currency futures transactions in June was US$ 10.846 billion.
Commenting on the activity in June, Eric Hasham, Chief Executive Officer, DGCX, said, “June marked several milestones for DGCX. In addition to achieving the highest traded overall and Indian Rupee volumes, June also saw the launch of three new currency contracts.”
“The DGCX INR/Dollar futures contract is the only exchange-traded Rupee futures outside of India, and is witnessing new interest from businesses, arbitrageurs and investors,” said Hasham. “This is spurred by the contract’s higher liquidity, competitive trading costs, guaranteed settlement and reduced counterparty risk.”