DGCX monthly volume hits new record in Aug

posted on 07/09/2011: 87 views

The Dubai Gold and Commodities Exchange (DGCX) announced on Tuesday that last month trading activity recorded a significant rise, with the exchange breaking volume records in four products, in addition to setting all-time monthly and daily average volume records.

The exchange reached its highest ever monthly volume of 548,566 contracts valued at US$27.83 billion, a massive increase of 393 per cent from last year. This surpasses the previous record of 310,990 contracts set in July 2011.

The exchange recorded an average daily volume record of 23,851 contracts worth US$1.21 billion for the month of August. The exchange also recorded its highest ever daily volume of 35,796 contracts on August 4, 2011.

DGCX currency products remained the mainstay of growth in August trading an all time monthly high of 511,279 contracts, a rise of 56 per cent from last year. The currency segment also established a new monthly value record of US$25.63 billion. Four currency futures recorded their highest ever monthly volume.

"The records set by DGCX demonstrate the increased trading interest in DGCX products not only in the region but also globally. The fact that this significant growth has been achieved during the Holy month of Ramadan, which is generally considered a slow business phase in the region, is testimony to the fact that DGCX offers some of the best tools for managing currency and commodity price risk in the region,” DGCX Chairman Ahmed Bin Sulayem said.

Indian Rupee futures recorded its highest ever monthly volume of 392,045 contracts valued at US$17.26 billion, a significant increase of 800 per cent from last year. Indian Rupee Futures also recorded its highest ever average daily volume and value of 17,045 contracts and US$750 million respectively. The product also saw its highest daily volume of 27,406 contracts on August 19, 2011.

Meanwhile, Euro futures reached its highest ever monthly volume of 96,202 contracts valued at US$6.87 billion while Australian Dollar futures set monthly volume records of 5,737 contracts valued at US$297.1 million and Swiss Franc futures recorded its highest ever monthly volume of 6,454 contracts valued at US$420.4 million. In addition the Euro, Australian Dollar and Swiss Franc futures recorded their highest ever daily volume of 12,377; 662 and 841 contracts on August 5, August 11 and August 4 respectively. The three currency futures together contributed a total of 14,093 contracts valued at US$813.87 million this month.

Among other products, DGCX gold futures increased 18 per cent year-on-year to reach 29,285 contracts while Silver futures rose 226 per cent year-on-year to end the month with 3,380 contracts. WTI futures fell 44 per cent to reach 4,622 contracts. – Khaleej Times

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