Scrap Monster
Vulcan
Vulcan
Gold February 04, 2019 01:30:17 PM

DGCX Recorded Solid Start to 2019 Amidst Global Volatility

Paul Ploumis
ScrapMonster Author
The DGCX had reported exceptional year of operations in 2018, with record annual volumes of 22.26 million contracts, valued at nearly $475 billion.
DGCX Recorded Solid Start to 2019 Amidst Global Volatility

SEATTLE (Scrap Monster): The Dubai Gold & Commodities Exchange (DGCX) reported the best start to a year in its history, amidst uncertainties caused by ongoing global volatility. The exchange traded a total of 1.93 million contracts in the opening month of 2019. The value of traded contracts hit the new record of $38.09 billion, surpassing the earlier highest value, recorded during the prior year.

The volatility in financial markets caused by OPEC comments resulted in drastic surge in DGCX’s hydrocarbons portfolio. The Brent Crude Oil Futures recorded 6`1% year-on-year growth, whereas the West Texas Intermediary (WTI) Futures skyrocketed by 113% when compared to prior year. The partial U.S. government shutdown and the rising trade tensions between the U.S. and China too boosted the trading activity during January 2019.

The Indian Rupee Quanto Future registered 85% year-on-year growth in trading volumes, with trade totaling 410,504 contracts during the month.

Les Male, CEO, DGCX noted that the exchange registered a promising start to 2019 after posting an incredible growth in 2018. The global markets are likely to experience high volatility throughout 2019, mainly on account of anticipated political uncertainties. This will lead to increased demand for derivative products for hedging and investment purposes. The exchange will continue to play an increasingly important role for investors in the region, he added.

The DGCX had reported exceptional year of operations in 2018, with record annual volumes of 22.26 million contracts, valued at nearly $475 billion.

SM Newsletter
Subscribe to SM mailing list and get updates to your inbox