DGCX Achieves Record Volumes In June

Total volumes on Dubai Gold & Commodities Exchange (DGCX) reached historic new highs totaling almost 137,000 contracts equivalent to a value of over US$9.2 billion in June. Average daily volume (ADV) stood at over 6,500 contracts, an increase of 111% year on year for June 2008. Year to date total volumes have increased by 36% highlighting an increased interest from market participants.

Crude oil currently represents 27% of the exchanges total volumes in June trading over 36,000 contracts valued at approx US$5 billion. The record June volume reflects the growing dominance of crude oil contracts in the total business transacted on DGCX, making the crude oil launch the most successful in DGCX’s history.

Crude Oil futures have opened a fresh avenue for effectively hedging risk in the world’s most strategic commodity, prices of which have escalated to startling levels in recent months, said Malcolm Wall Morris, Chief Executive Officer, DGCX. “The crude oil contracts have diversified the DGCX portfolio, while adding depth to the region’s derivatives market. The initiative firmly endorses our strategy to enhance liquidity on the Exchange and constantly respond to market needs.”