By IANS,
Dubai : The Dubai Gold and Commodities Exchange (DGCX) traded over $12 billion in July, its highest so far.
DGCX is a joint venture between Dubai Multi-Commodities Centre, Bombay Stock Exchange-listed Financial Technologies India and Multi-Commodity Exchange of India.
The exchange recorded trading volumes of 186,842 contracts in July, valued at over $12 billion, it said in a statement.
The figure marks an increase of 227 percent over the corresponding figure in July last year.
Trading volumes increased by 56 percent during January to July this year as compared to the same period last year, with 821,388 contracts traded with a value of $43.3 billion.
“Interest in derivatives is certainly gaining ground in the region, as evidenced by the growing trade on DGCX,” Malcolm Wall Morris, DGCX chief executive, said in the statement.
“Growth has also been supported by the recent introduction of crude oil futures which has attracted substantial interest from the region and beyond,” he said, adding that this, coupled with the precious metals and currencies already on offer, gave the customers a broader portfolio to manage their price risk.
Gold volumes increased by 167 percent to 109,289 contracts in July as compared to the corresponding period last year.
In the currencies segment, the euro, the British pound and yen all showed strong growth, recording respective increases of 740 percent, 43 percent and 26 percent over the corresponding period in 2007.
In June this year, DGCX had introduced the world’s first exchange traded Indian rupee currency futures contract in addition to its already listed three major currencies.
Average daily volumes stood at 8,492 in July, up by 227 percent as compared to the same period last year.