DGCX records 37% rise in trading volume

Dubai Gold & Commodities Exchange (DGCX) recorded a 37 per cent year-on-year increase in July in trading volume, with 156,242 contracts traded worth $828 million (Dh3,041m).

Volumes were driven by the currency portfolio, and in particular the Indian rupee futures contract, which accounted for 82,750 and 23,514 contracts respectively in July, a rise of 311 per cent and 307 per cent on a year ago.

Total year-to-date volumes in 2010 rose 46 per cent compared with the previous year to reach 1.09 million contracts as at end-July.

Meanwhile, year-to-date average daily volumes increased 49 per cent to 7,419 contracts.

The DGCX Indian rupee futures contract saw its second straight record month in July with 23,514 contracts recorded; almost double the volume in June.

Euro/dollar and sterling/dollar rose 761 per cent and eight per cent respectively year-on-year, with 44,830 and 9,487 contracts achieved. 

Particularly noteworthy was the performance of the recently introduced currency contracts, Swiss Franc, Canadian dollar and Australian dollar, all of which approximately doubled in volume from June.

Gold and WTI crude oil futures fell 16 per cent and 39 per cent in July compared to a year ago with trading volumes of 54,139 and 17,987 contracts.

Eric Hasham, Chief Executive Officer, DGCX, said: “The growth in July volumes is consistent with the sustained expansion in trading activity that DGCX has seen over the course of this year. Our new currency contracts, introduced in response to rising demand for FX products, have further enhanced the momentum. Over the rest of the year, DGCX will continue to work towards expanding trading opportunities in the growing asset classes of commodity and currency derivatives.”