DGCX daily crude volumes reach new high

Total WTI volumes on Dubai Gold and Commodities Exchange (DGCX) reached record new highs on Tuesday trading 3,727 contracts equivalent to a value of almost $513 million. This record surpasses previous WTI highs transacted on June 19 of 3,500 contracts by six per cent.

Average daily volume since inception of the WTI contract stood at almost 1,900 with WTI month-to-date average standing at 2,261 contracts. Total volumes on the exchange reached 12,400 contracts on July 8 recording the highest daily value of $864m.

"The volumes seen on our WTI contract on July 8 continues to demonstrate the unparalleled success of our crude oil contracts. Considering the increasing demand by market participants for hedging tools to manage their oil price exposure, we are confident that the demand for DGCX crude oil contracts is set to escalate even further," DGCX Chief Executive Officer Malcolm Wall Morris said in a statement.

DGCX is a joint venture between DMCC and India's FTIL and MCX.