DUBAI, Building on its existing portfolio of metals products, the Dubai Gold and Commodities Exchange, DGCX, recorded a 20.4 percent year-on-year growth in March, trading over 1.84 million contracts with a notional value of more than US$36.6 billion.
Average daily volumes throughout the same month also increased, registering 87,995 contracts.
The DGCX successfully launched two new contracts, Aluminium Futures and Zinc Futures on 22nd March 2019. The products have been very well received by investors and traded a combined total of 598 lots on their opening day.
"These new products were developed after close consultation with our members and market participants, and are the first Aluminium and Zinc Futures to be launched in the GCC. We are delighted they have received such a great response, as we grow regionally and expand internationally widening participation and increasing our member base," Les Male, CEO of DGCX, commented.
He noted that the contracts are particularly appealing to global clearers, metal producers, and finance houses, adding, "we are confident that they will see significant growth in trading activity over the next few months."
All trades in the new contracts are cleared by the DGCX's wholly-owned and regulated clearing house, the Dubai Commodities Clearing Corporation, which is recognised by the European Securities and Markets Authority as a third-country central counterparty.
"The consistent growth of our product suite and trading volumes is a key measure of our recent success and comes as a direct result of our expanding member community. Moving forward, we will continue to focus on being a member-led exchange, introducing innovative products and solutions that meet the growing needs of our investors," Male added.
The size of each Aluminium Futures and Zinc Futures contract is five metric tonnes, denominated and traded in United States dollars.
Source: Emirates News Agency