DGCX volumes up 56pc in Oct
Dubai, November 11, 2013
Dubai Gold and Commodities Exchange (DGCX) said its year-to-date volumes in October soared to 12.17 million contracts, up 56 per cent from the same period last year.
The October trading volumes helped DGCX Gold Futures increase its market share in Asia by 2 per cent, reinforcing its status as one of the highest traded gold futures contract in Asia. The exchange saw its monthly transaction hit $25 billion.
Among the key highlights of October trading was the robust growth of precious metals contracts. Gold Futures volumes increased 60 per cent from last month to reach 45,928 contracts while silver futures rose 88 per cent, hitting its highest monthly volume of 2,882 contracts this year.
CEO Gary Anderson said the precious metals sector, especially gold, continues to be a key focus of the Exchange’s strategic product portfolio expansion plans.
"The imminent launch of our spot gold contract will strengthen the Exchange’s precious metal product offering. With almost a quarter of all physical gold traded globally passing through Dubai, we believe there is a very strong market for a spot gold contract," he remarked.
"Such a contract will not only help merchants enhance price risk management and profitability, it will also enhance liquidity in the gold market by removing the need for offshore credit and collateral for gold trading," added Anderson.
According to him, the currencies also saw significant year-to-date growth, up 63 per cent at the end of October from the same period in 2012. Indian Rupee Futures saw an increase of 50 per cent in the year-to-date trading, reaching 10.44 million contracts at October-end.
DGCX Indian Rupee Futures continues to be the highest traded offshore Rupee futures contract in the world. The contract’s market share in global Rupee futures trading stood at 33.69 per cent in October, significantly above all other exchanges offering offshore trading in the contract.
Anderson pointed out that another highlight of October trading was the strong growth of the Sensex Futures.
"The contract achieved several highs in October including the biggest monthly volume with 12,847 contracts and largest monthly value of $264.85 million. The volumes in Sensex futures saw an increase of 85 per cent from last month," he noted.
Among other contracts, WTI futures saw a month-on-month increase of 111 per cent, recording its highest volume of 2,603 contracts in 2013.-TradeArabia News Service