Dubai commodities exchange volumes up 52pct on H1

Dubai Gold and Commodities Exchange (DGCX) has reported an all-time record of 1,417,223 contracts, valued at $69.1 billion, a 52 per cent growth from last year in its trading volumes in the first half (H1) of 2011.

June witnessed the highest ever monthly volume of 268,390 contracts, valued at $12.96 billion, an increase of 40 per cent from last year. The volumes were driven largely by a surge in currency trading.

H1 currency volumes were up by 80 per cent to reach 1,105,673 contracts while June currency volumes grew 119 per cent to aggregate 231,064 contracts. DGCX India Rupee futures sustained its growth momentum to trade 204,609 contracts - a new monthly volume record, according to DGCX statement.

Eric Hasham, CEO of DGCX said in the statement, “The volume records that DGCX has set in June cap an excellent six months for the Exchange in 2011. The robust trading growth that we have achieved over the first half of the year augurs well for a strong annual performance. We look forward to consolidating our growth in the second half of the year.”

DGCX's precious metals products have shown increased participation on last year. H1 volumes of DGCX Gold futures climbed six per cent to reach 255,724 contracts valued at $11.88bn, while silver rose 69 per cent to reach 29,781 contracts.

Meanwhile, the WTI crude futures monthly volume grew nine per cent in June to reach 4,560 contracts valued at $441m.