Dubai:
The Dubai Gold and Commodities Exchange (DGCX), the region’s largest and most diversified derivatives exchange, witnessed an eventful month of trading across its precious metals, base metals and currency segments in April.
The recently listed DGCX Shanghai Gold Futures Contract (DSGC) has had a positive knock-on effect on the trading activity of the Exchange’s other gold products.
The DSGC, which uniquely allows access to the Chinese Gold market, traded a total of 2,946 contracts since its listing on March 10th. DGCX’s Spot Gold contract saw impressive six-fold growth year-on-year, while also recording a 74 per cent increase in deliveries through the DMCC Tradeflow platform.
“Our Indian rupee product range is maturing as contracts with long-dated expiries began to trade more regularly. This signifies that traders are beginning to look at the forward implications of the trading oscillations in the Indian rupee. This contributes to achieving greater trading depth on the Indian rupee curve,” Gaurang Desai, CEO of the DGCX said in a statement.
Volumes in G6 currencies rode high on the back of volatility caused by French elections and the recently announced plans for ambitious tax cuts by the Trump administration in the USA. Volumes in yen and Canadian dollar contracts grew by 65 per cent and 226 per cent respectively, with both the contracts recording the highest ever OI (Open Interest). Volumes in pound sterling also grew moving up by 81 per cent year to date.
