The Dubai Gold and Commodities Exchange (DGCX) said its total volume for 2010 surpassed the one million contracts mark on July 13, the earliest it has exceeded this milestone in any year since inception.

Trading volume stood at 1,006,485 contracts representing a total value of $58 billion and a 48 per cent increase on the year-to-date volume of 678,716 contracts achieved within the same period last year, said a DGCX statement.

The higher volumes in 2010 have been driven by significant growth across all product segments which include precious metals, currencies and energy, it added.

Commenting on the milestone, Eric Hasham, CEO of DGCX said topping the one million contracts mark in just over six months is further evidence of the growing demand for both currency and commodity derivatives this year.

'It is also a sign of the Exchange’s growing profile as a leading venue for hedging and investing. Encouraged by the performance of the first six months, we are looking forward to a strong end of year, Hasham remarked.

The new milestone follows an all-time monthly high of 192,138 contracts achieved by DGCX in June 2010, surpassing the previous peak reached in November 2009.

DGCX is the region’s first derivatives exchange and the only one allowing participants to clear and settle transactions within the UAE.-TradeArabia News Service