DGCX April volumes surge 111 per cent
Dubai, May 8, 2011
The Dubai Gold & Commodities Exchange (DGCX) recorded a 111 per cent year-on-year increase in April volumes to reach 227,421 contracts valued at $11.4 billion, a statement said.
Year-to-date volumes on the exchange climbed 51 per cent to aggregate 910,913 contracts while year-to-date average daily volumes also rose 51 per cent to touch 10,975 contracts.
DGCX Gold futures continued last month’s robust performance rising 49 per cent year-on-year in April 2011 to reach 46,295 contracts. Silver futures increased 298 per cent year-on-year to touch 9,921 contracts.
“The current volatility in gold and silver prices has spurred increased trading activity in DGCX gold and silver futures. Derivatives such as DGCX Gold futures enable commercial parties to manage their exposure to price change. Furthermore, futures traded on regulated and cleared financial markets like DGCX protect market participant against counterparty risk,” stated Eric Hasham, chief executive of DGCX.
Currency contracts were the main driver of volume growth on the Exchange increasing 65 per cent to reach 709,454 contracts year-to-date (YTD). Currency volumes also increased 149 per cent year-on-year to reach 168,132 contracts. The Indian Rupee/Dollar witnessed a substantial year-on-year increase reaching 135,720 contracts compared to 10,285 contracts in the same month last year.
Volumes for Euro/Dollar, Sterling/Dollar and Yen/Dollar futures declined from the same month last year to reach 14,019, 10,765 and 1,245 contracts. Australian Dollar, Canadian Dollar and Swiss Franc reached volumes of 3,667, 324 and 2,392 contracts respectively.
WTI crude futures declined 53 per cent from the same month last year to reach 3,073 contracts.-TradeArabia News Service