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Metal Recycling News March 04, 2019 11:45:59 AM

DGCX to Unveil New Base Metals Product Suite

Paul Ploumis
ScrapMonster Author
The DGCX traded over 1.62 million contracts in February, which were valued at around $31.1 billion.

DGCX to Unveil New Base Metals Product Suite

SEATTLE (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) and Dubai Commodities Clearing Corporation (DCCC) announced major expansion to its existing base metals portfolio with the launch of new base metal products. The exchange announced launch of two new products- Aluminum Futures and Zinc Futures, which will go live on Friday 22nd March, 2019. The contract size will be 5 metric tons (MT) each and will be denominated and traded in US dollars.

Les Male, CEO, DGCX noted that the exchange decided to launch new products in order to meet the ever-growing needs of its member community. The new products will complement its existing portfolio of diverse products and will further strengthen the value proposition to all participants across the non-ferrous metals supply chain. All trades in the new contracts will be cleared by the DCCC, male added.

Meantime, the exchange traded over 1.62 million contracts in February, which were valued at around $31.1 billion. It must be noted that DGCX had reported robust start to 2019 by trading 1.93 million contracts valued at $38.09 billion during the initial month of the current year, even amidst global volatility. Euro Futures and Rupee Mini Futures recorded their highest monthly Average Open Interest (AOI) of 2,919 and 119,173 contracts respectively.

The exchange’s new products are expected to help investors in mitigating the risks involved in the base metal markets.

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