DGCX Base Metal Products Make Grand Debut

SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) traded more than 1.84 million contracts during the month of March this year. This represents a year-on-year growth of 20.4%. The value of trade totaled over $36.6 billion. The Average Daily Volumes (ADV) too rose significantly during the month.

The exchange expanded its portfolio of metal products by launching two new contracts on March 22^nd. The Aluminum Futures and Zinc Futures contracts saw huge investor interest, recording a combined trade of 598 lots on its day of debut. The size of each of these US dollar denominated contracts is 5 metric tons (MT). The trades in the new contracts are cleared by the Dubai Commodities Clearing Corporation (DCCC)- the DGCX’s wholly-owned and regulated clearing house.

Les Male, CEO, DGCX stated that the contracts were developed after close consultation with members and market participants. The new products are the first Aluminum and Zinc Futures to be launched in the GCC. Expressing delight over the immense response to the contracts, he hoped that the contracts will see considerable growth in trading activity over the next few months. The contracts are particularly appealing to global clearers, metal producers and finance houses, he added.

DGCX aims to focus on being a member-led exchange and plans to introduce innovative products and solutions that meet growing demands of investors.