The Dubai Gold & Commodities Exchange (DGCX) released today its January 2014 trading volumes showing a very promising start to the year, with a total of 1,043,200 contracts traded, an increase of 36% over December of the last year.
The DGCX is an electronic precious metals, energy and currency derivatives exchange, which was established in 2005 by the Dubai Multi Commodities Centre, a strategic initiative of the local government, in cooperation with India’s Financial Technologies in order to enhance commodity trade flows in the Emirates. In April 2013, the exchange reached a trading volume of over $1 trillion for the first time.
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Currencies were the primary driver of January’s growth, growing 37% Month-on-Month (MoM) and aggregating 981,104 contracts. Leading the currency volume rise was the Indian Rupee Futures, which was up 36% from December 2013. Mini INR also registered a significant MoM increase of 51%, while the Exchange’s newest product, SENSEX Futures, registered 14,913 contracts, an increase of 91% from the previous month.
Among precious metals trading at the DGCX, gold futures recorded 38,531 contracts, a MoM increase of 5%. Silver futures also experienced strong volume growth of 354% from January last year, and an increase of 35% from December 2013.
Gary Anderson, Chief Executive Officer, DGCX, talked about his plans for the year in the announcement: “Through 2014, we remain committed to exploring new opportunities with our Members and the market in order to diversify our product portfolio. An exciting feature of this growth strategy will be our upcoming polypropylene plastics futures contract. The contract, which will be launched later this month, is designed to provide enhanced liquidity in the global trade of plastics and will be the first ever plastics contract to be listed in the MENA region.”