Dubai commodities exchange records record volume for January 2011

02/02/2011 - Dubai Investment News Posted by Bob Brunskill
Dubai commodities exchange records record volume for January 2011

The Dubai Gold & Commodities Exchange (DGCX) has reported "a robust start to 2011" after achieving a record volume of 244,385 contracts, valued at $11.7 billion, last month.

According to the exchange, this is the highest ever monthly volume activity since its inception in 2005.

It was reported that January volumes were driven by strong member participation in currency, gold and crude oil futures, recording volumes of 197,511, 39,987 and 5,594 contracts respectively in January.

DGCX said that as a result of increasingly high volumes and consistent member participation over the last year, the average daily volume figure has now reached 11,637, an increase of 51 per cent compared with the same period last year.

At the start of 2010, average daily volume was 7,687.

"I am delighted that DGCX has commenced 2011 with such strong momentum," commented Eric Hasham, chief executive officer of DGCX.

"We have worked hard with our membership base over the last year to grow market participation. The record monthly volume in January demonstrates the demand for currency and commodity hedging and trading tools in the Middle East."

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