Dubai Gold & Commodities Exchange trading volumes rise 37%

04/08/2010 - Dubai Investment News
Dubai Gold & Commodities Exchange trading volumes rise 37%

Posted by Neil King

Volumes on the Dubai Gold & Commodities Exchange (DGCX) recorded a 37 per cent year-on-year increase in July, with 156,242 contracts traded, it has been revealed.

The rise was driven by the exchange's currency portfolio and in particular the Indian Rupee futures contract, which accounted for 82,750 and 23,514 contracts respectively in July - a rise of 311 per cent and 307 per cent on a year ago.

In addition, total year-to-date volumes in 2010 rose 46 per cent compared with the previous year to reach 1.09 million contracts at July's end, the DGCX figures showed.

Meanwhile, year-to-date average daily volumes increased 49 per cent to 7,419 contracts.

Eric Hasham, chief executive officer at DGCX, said: "The growth in July volumes is consistent with the sustained expansion in trading activity that DGCX has seen over the course of this year. Our new currency contracts, introduced in response to rising demand for FX products, have further enhanced the momentum."

Last week, Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported an AED 474 million net profit for the six-month period ended June 30th, 2010.ADNFCR-2019-ID-800013275-ADNFCR