DGCX announces third consecutive monthly volume record
WAM Dubai, June 6th, 2012 (WAM) -- Dubai Gold and Commodities Exchange (DGCX) announced record-breaking trading volumes for a third consecutive month in May 2012 on the back of major upswings in Gold and Rupee Futures trading.
The total trading volume for the month hit 853,191 contracts, up 259 percent from the 237,920 recorded in May last year. May 2012 also witnessed the highest ever monthly total value, amounting to $32.67 billion.
Year-to-date total volumes on DGCX reached 2,958,871 contracts; over 158 percent higher than for the same period in 2011.
Currencies remained the best performing sector, with a contract volume of 746,057 contracts; 352 percent greater than May 2011. Indian Rupee Futures surpassed previous monthly and daily records, achieving an average daily value of $1.17 billion and a monthly value of $26.82 billion. On May 29th, the Indian Rupee futures contract recorded 49,400 trades - its highest ever daily volume. The contract also registered its highest ever average open interest of 24,051 contracts on May 29th.
Meanwhile, May volumes of Gold Futures saw a substantial upsurge of 117 percent from the previous month and 15 percent from May last year to reach 69,541 contracts. Heightened trading in the contract reflects the recent spike in the price volatility of the precious metal. Copper Futures also made a significant contribution - with a total value of 35,153 contracts in May, doubling April's volume when the contract was first launched.
Gary Anderson, Chief Executive Officer, DGCX, said, "DGCX has taken significant steps to enhance its contracts and portfolios, and I am very pleased with the continued record growth in trade volumes as a result. Indian Rupee and Gold futures have been the two stand-out performers in May, with increased volumes a reflection of the improved liquidity, tighter on-screen spreads and growing demand for both contracts as tools to manage exposure to price movements in an environment of high volatility." WAM/AM