Dubai: The Dubai Multi Commodities Centre (DMCC) is planning to launch a copper futures trading platform on the the Dubai Gold and Commodities Exchange (DGCX) in the "near future," said Ahmad Bin Sulayem, DGCX's chairman and head of DMCC.
"You'll likely see in the near future this copper future on the DGCX," he said. However, he did not specify a date.
Copper futures was one of the first projects that came up when the exchange was estblished, he said. The trading platform was set up in 2005 and belongs to the DMCC.
"When we developed the exchange we were bombarded with so many projects and copper was one of the first. This is the right time and what is needed and required by our members," he added.
"We're not looking for the DGCX to have 200 products, but we're focusing a bit more on volume. It's not really more about the products than the volume it brings to the exchange."
Among a panel of experts DMCC also announced the inaugural Dubai Precious Metals Conference on April 29 and 30. The conference will discuss the marketing, trade, finance and technology trends in the global precious metals market and will additionally focus on ‘white' metals such as silver and platinium.
Last year, 18.5 per cent of physical gold movements went through Dubai, according to Gerhard Shubert, head of Precious Metals at Emirates NBD.
He predicted a similar pattern of 18.5 to 20 per cent of global gold trade to pass through Dubai in 2012. The biggest taker of gold is India with 950 tonnes, he said. "Dubai plays a major role as a supplier and gateway to India."
In terms of prices, gold may reach the $2,000 mark between the third and fourth quarters of this year if it ends at $1,600 by the end of the second quarter, he said.