DGCX quarterly volumes see big jump in Q1 2015

Published: Apr 15, 2015 09:00

Save

The Dubai Gold and Commodities Exchange (DGCX) reported big jump in trade volumes during the first quarter of 2015.

Author: Paul Ploumis14 Apr 2015 Last updated at 08:21:14 GMT

ABU DHABI (Scrap Monster): The Dubai Gold and Commodities Exchange (DGCX) reported big jump in trade volumes during the first quarter of 2015. The quarterly volumes were up 11% when compared with the previous quarter and 8% up from Q1 2014. The total number of traded contracts crossed 3.3 million, valued nearly $97 billion.

In March, DGCX recorded the highest average Open Interest (OI) of nearly 60,000 contracts. The OI during the first quarter touched all-time highs. March 2015 volumes grew by 32%. March trading volumes recorded significant growth of 32% from the previous month. The traded volumes totaled 1,222,360 contracts, valued at $36 billion. The Indian Rupee Futures Contract recorded the highest ever volume since August 2013, totaling over 1 million contracts valued at $32 billion. Gold Futures reported robust 14% month-on-month growth, trading 33,080 contracts during the month. The average daily volume during the month rose 26% from the previous month to 55,562 contracts.

The surge in volume growth was primarily aided by Indian Currency and Equity products and WTI futures. The Indian Rupee and Sensex Futures volumes surged by 11% and 20% respectively. Meanwhile, WTI Futures grew 54% during the first quarter of the year.

According to Gaurang Desai, Interim CEO, the strong performance during the first quarter of the year is likely to drive the growth during remaining quarters of the year. The exchange plans to diversify its product portfolio by launching new products and increasing the participant base. The launch date of its spot gold contract is expected to be announced within two weeks. The talks with a local bank are in advanced stage. The Exchange had initially scheduled to launch the contract last June, but was delayed due to technical reasons.

DGCX gold

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

CME Increases Margin Requirements for Aluminum Futures Contracts to $5,000 Effective April 3

CME raised the margin requirements for some aluminum futures contracts to $5,000, with the new rules taking effect after the close on April 3 local time.

4 hours ago

Shandong Lubei Haisheng Launches Green Aluminum Project, Aiming to Save 128,000 mt of Coal Annually

On March 31, the commissioning and trial production of the Green Technological Transformation Project for Aluminum-Based New Materials of Shandong Lubei Haisheng Biological Co., Ltd. was launched. Since construction began in 2024, the project had completed a cumulative investment of 455 million yuan. After the project is fully put into operation, it will save 128,000 mt of standard coal in comprehensive energy consumption annually, significantly improve the level of comprehensive resource utilization, and further consolidate the foundation for the enterprise's alumina capacity of 1 million mt/year.

4 hours ago

Baotou Launches $500M Rare Earth Aluminum Project, Aiming for 100,000 mt Annual Output

Recently, construction officially began on the high-end rare earth aluminum alloy project in the Baotou Jinshan Economic Development Zone, with a total investment of approximately 500 million yuan and annual output of 100,000 mt. The project will be advanced in an orderly manner in two phases. Phase I will build a 30,000 mt high-end rare earth aluminum alloy production line, focusing on technology R&D and capacity release to rapidly achieve scaled-up production. Phase II will expand capacity by 70,000 mt, further extend, supplement, and strengthen the industrial chain, optimize the product mix, increase added value, and support Guyang in building a distinctive high-end rare earth aluminum alloy industrial cluster.

4 hours ago