The Dubai Gold and Commodities Exchange (DGCX) registered a robust month of trading activity in July with a total trade value of $44.68 billion.
July volumes registered a significant growth of 55 per cent over the same period last year. DGCX’s currency segment continued to contribute a significant share of volumes, recording a year-on-year growth of 61 per cent with 14,50,041 contracts traded.
Currency volumes were primarily driven by Indian Rupee Futures, with the contracts recording its highest-ever monthly volume — trading 12,52,965 contracts in July, a 40 per cent growth over the same period last year. Trading in other currency pairs such as in euro and yen also increased substantially.
Total year to date (YTD) volumes rose 91 per cent with the exchange having traded 92,09,767 contracts in 2013. Volumes in INR futures have grown 84 per cent from last year.
Both euro and yen futures have also registered strong year-to-date performances, surging 266 per cent and 78 per cent. DGCX’s precious metals segment also performed well in July, with volumes in gold futures rising 16 per cent to 34,414 contracts.
Silver futures also grew 150 per cent from the previous month. Another notable performance in July was that of DGCX WTI crude oil futures, which saw an 86 per cent month-on-month and a 51 per cent year-on-year rise in July.
“The consistently robust performance of INR futures is testament to DGCX’s ability to provide international investors with a safe, liquid and regulated environment to hedge their rupee fluctuation risks offshore.
“With significant interest coming from retail and international institutional participants for Emerging Markets contracts, the continued development of a strong offshore platform for Emerging Markets trading remains a key strategic focus for the exchange.
“The launch of the MINI Indian Rupee Futures and Sensex Futures earlier this year were very much part of this strategy and we continue to investigate similar opportunities in close consultations with our members,” Gary Anderson, CEO of DGCX, said.