The Dubai Gold & Commodities Exchange (DGCX) achieved a robust start to 2011, with a record volume of 244,385 contracts, valued at $11.7 billion in the first month of the year.

This is the highest ever monthly volume activity for the exchange since inception in 2005, said a DGCX statement.

January volumes were driven by strong member participation in currency, gold and crude oil futures, recording volumes of 197,511, 39,987 and 5,594 contracts respectively in January.

DGCX Indian Rupee futures continue to shine and achieve record volumes in the New Year with the exchange trading 168,088 contracts in January, a substantial increase of 71 per cent on last month and 23 times more volume than January 2010.

Euro/Dollar, GBP/Dollar, Yen/Dollar and Australian/Dollar futures also registered strong trading activity in January, representing the consistent participation and benefits of trading FX futures on DGCX.

The contracts recorded volumes of 13,387, 11,008, 1,216 and 1,998.  However, trading in Canadian/Dollar and Swiss Franc futures fell by 45 per cent and 2 per cent in January.

As a result of increasingly high volumes and consistent member participation over the last year, the average daily volume figure has now reached 11,637, an increase of 51 per cent compared with the same period last year. At the start of 2010, average daily volume was 7,687.

“I am delighted that DGCX has commenced 2011 with such strong momentum. We have worked hard with our membership base over the last year to grow market participation,' Eric Hasham, chief executive officer, DGCX.

'The record monthly volume in January demonstrates the demand for currency and commodity hedging and trading tools in the Middle East.  It is a very positive and encouraging indication for the year ahead,' he added.-TradeArabia News Service