DGCX achieves record volumes

Total volumes on Dubai Gold & Commodities Exchange (DGCX) reached new highs totalling almost 137,000 contracts equivalent to a value of over $9.2bn (Dh33.7bn) in June.

Average daily volume stood at more than 6,500 contracts, an increase of 111 per cent year on year for June 2008. Year to date total volumes have increased by 36 per cent highlighting an increased interest from market participants. Crude oil currently represents 27 per cent of the exchanges total volumes in June trading over 36,000 contracts valued at about $5bn. The record June volume reflects the growing dominance of crude oil contracts in the business transacted on DGCX, making crude launch the most successful in DGCX's history.

"Crude oil futures has opened a fresh avenue for hedging risk in the world's most strategic commodity, prices of which have escalated to startling levels in recent months," said Malcolm Wall Morris, CEO of DGCX.

DGCX, a fully automated, online commodities exchange, is an initiative of the Dubai Multi-Commodities Centre, Financial Technologies (India) Limited and Multi Commodity Exchange of India Limited.