Bal Krishen Rathore, Special to Khaleej Times June 2, 2021
The Dubai Gold and Commodities Exchange (DGCX) on Wednesday announced that it registered a monthly average open interest (AOI) of 208,343 contracts worth a total value of $12,853 million in May.
The Silver Futures Contract recorded a year-to-date (YTD) volume growth of 139 per cent compared to the same period last year.
INR, PKR Futures
The region’s leading derivatives exchange also noticed that the newly launched Pakistani rupee (PKR) futures contract grow with a total of 2,028 lots valued at $26.38 million traded since its launch in April. Elsewhere, the DGCX’s Indian rupee mini futures contract recorded a year-on-year (YOY) average daily volume (ADV) growth of 45 per cent during the month.
May’s trading volume included block trades with a total trade value of $763.1 million. DGCX’s wholesale trading facilities, which includes block trades, allows members and market participants to pre-negotiate large value and package transactions without incurring any price slippage.
“Our Silver Futures Contract demonstrated strong growth last month, which is a testament to the increased global demand for the precious metal over the last year, as well as its reputation as an optimal alternative to gold,” Les Male, CEO of DGCX, said.
Meanwhile, he said DGCX new PKR Futures Contract also continued to grow in terms of volume and value, as market participants looked to expand their trading opportunities to the Pakistani market.
“Going forward, we are fully focused on leveraging our recent partnerships with the Global Islamic Financial Services and S & Royal Group Mongolia — as well as our permit from the Israel Securities Authority (ISA), to bring a host of new and value-added products for the benefit of our member base,” Male said.
Strong interest in precious metals