DGCX volume increases 133% in first quarter of 2010
Dubai Gold & Commodities Exchange (DGCX) recorded a 133% rise in volume in the first quarter of 2010, with 495,059 futures contracts traded, valued at US $29.6 million.
Volume in the January-March period rose on the back of strong demand for currencies, gold and WTI crude oil futures, which recorded volumes of 361,760, 112,077 and 13,457 contracts respectively. Volumes in the first quarter increased by 128%, 133% and 138% for currencies, gold and WTI crude oil respectively.
The Exchange recorded 162,034 contracts in March, valued at US $9.7 billion, a 60% increase on March 2009. Trading activity was spurred by healthy growth in gold and WTI futures of 91% and 125% respectively. Currencies, which have attracted increased participation year to date, saw volume of 122,271 contracts in March, up 49% on last year, largely led by increases in Sterling/Dollar, Indian Rupee/Dollar and Yen/Dollar futures.
“The increased demand for DGCX futures is evident from the growth trend in the first quarter of 2010. It endorses the success of our strategy of offering a diversified product mix and liquid markets through tighter prices,” said Eric Hasham, Chief Executive Officer, DGCX.
“Looking ahead, the Exchange will continue to strengthen its product range, taking into consideration member requirements, and provide participants with an ever more efficient and secure environment to trade,” he added.
Average daily volume in March stood at 4,601 contracts, up 53% on the same period last year.