- 54 per cent YTD volume growth
- Almost 930,000 contracts, valued at US$ 48 billion, traded during January-August, with 4 months remaining to end of 2008
- August 2008 volumes up 36 per cent year-on-year at 106,000 contracts
Dubai Gold & Commodities Exchange (DGCX) today reported year-to-date volume growth of 54 per cent, reaching nearly 930,000 contracts, valued at US$ 48 billion.
The higher activity during January-August exceeds the total January-December volume achieved in 2007. The growth was spurred by trade in precious metals, currencies and crude oil contracts. Year to date volume for Gold futures rose by 34 per cent while Gold options were up 272 per cent. Volumes for Euro futures increased by 241 per cent to touch 90,000 contracts during the period.
The pace of growth is indicative of the increased flow of funds into derivatives, said Malcolm Wall Morris, Chief Executive Officer (CEO), DGCX. “Commodity derivatives are fast gaining favor among market participants seeking asset diversification. Higher volatility in the commodity markets has also created new interest in derivatives.”
“Volumes on DGCX have gathered momentum in 2008 due to our diversified product offering and more market participants adopting derivative products in their portfolios. DGCX crude oil contracts, launched just three months ago, account for 10 per cent of year-to-date volumes” he said.
Volume for August 2008 was up by 36 per cent at 106,000 contracts compared with the corresponding month last year due to significant growth in precious metals and currencies.
