Total volumes on Dubai Gold & Commodities Exchange (DGCX) reached historic new highs totaling almost 137,000 contracts equivalent to a value of over $9.2 billion in June. Average daily volume (ADV) stood at over 6,500 contracts, an increase of 111 percent year on year for June 2008. Year to date total volumes have increased by 36 percent highlighting an increased interest from market participants. Crude oil currently represents 27 percent of the exchanges total volumes in June trading over 36,000 contracts valued at approx $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.” DGCX is the first international commodities derivatives marketplace in the time zone between Europe and Far East.
