Dubai commodities exchange records 63% volume increase

05/10/2010 - Dubai Investment News
Dubai commodities exchange records 63% volume increase

Posted by Neil King

Volumes on the Dubai Gold & Commodities Exchange (DGCX) rose 63 per cent year-on-year in September, new figures show.

Official data from the exchange reveals that 156,740 contracts were traded last month, valued at $7.85 billion.

The rise in trading was partly attributed to a momentum boost following the end of Ramadan and the holiday season, with volumes also up 41 per cent on August.

According to DGCX, currency futures continued to be "the mainstay of growth", accounting for approximately 70 per cent of total monthly volumes.

It was noted that currency futures volumes grew 304 per cent on the same period last year to reach 112,839 contracts in September.

Eric Hasham, chief executive officer of DGCX, said: "The 63 per cent year-on-year increase in monthly volumes ahead of the final quarter augurs well for a strong end of year."

The news follows a report by Gulf News last week which named the UAE as India's largest trading partner, according to Indian government statistics.

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