The Hindu Business Line : DGCX registers record volume in February

The Dubai Gold and Commodities Exchange (DGCX), which was launched in December 2005, has registered a phenomenal growth over the past three months with its figures for February alone showing a 154 per cent rise over the previous month.

DGCX, a fully-automated online commodities exchange, is a joint venture between the Dubai Multi Commodities Centre, (DMCC), Financial Technologies (India) Ltd (FTIL) and Multi Commodity Exchange of India Ltd (MCX).

DGCX said that a total of 16,421 kg of gold futures contracts were traded in February against 6,475 in January - an increase of 154 per cent.

The average number of contracts traded per day also increased from 260 in December 2005 to 360 in January 2006 and to 821 in February - an increase of 228 per cent from January. Considering trading pattern of the last week of February, average number of contracts traded has shot up to nearly 1,000 contracts per day.

A record volume of 1,257 kg in respect of gold futures contract for April 2006 was registered on February 28. It was the highest ever volume/day for any single contract recorded on the Exchange so far.

Another milestone

The Exchange achieved another milestone during February when the highest ever daily volume of 1,416 contracts was recorded on February 21.

In value terms, $293.36 million of gold futures were traded in February as compared to $115.09 million in January - an increase of 155 per cent.

The total value of gold futures traded on DGCX since inception (November 22, 2005) now stands at $517.48 million (29,575 kg of gold futures contracts).

The average daily value of gold futures traded stood at $4.67 million in February indicating the increasing participation of DGCX members. In the absence of any major structural changes in the physical gold market, such a hefty increase in daily average volumes reflects the growing confidence of the market participants in DGCX.

Number of members enabled by the exchange for trading has increased to 75 as on February 28 against 70 on January 31.

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