Dubai Gold and Commodities Exchange records 32% MoM volume growth in March; Q1 “strong”

The Dubai Gold and Commodities Exchange (DGCX) released March metrics today along with Q1 performance updates, monthly volumes showed healthy double digit growth, which we have seen become the norm in March across many different trading venues. First quarter volumes on the Dubai Gold and Commodities Exchange (DGCX) grew 11% from the Q4 2014, trading more than 3.3 million contracts valued at over US $97 billion.

The key drivers for the year-to-date growth were the Indian currency and equity products and the hydrocarbon segment. DGCX’s Indian product suite which includes the Indian Rupee and Sensex Futures registered a year-to-date growth of 11% and 20% respectively. Growth in the hydrocarbon sector was led by WTI Futures which rose by 54%, much due to the latest oil plunge which saw massive volumes as a result.

DGCX’s March volumes registered a significant growth of 32% from last month, trading 1,222,360 contracts valued at US $36 billion. The Average Daily Volume (ADV) in March stood at 55,562 contracts, up 26% from previous month.

DGCX’s Indian Rupee Futures contract was a strong performer recording the highest monthly volume since August 2013 trading 1,026,331 contracts valued at over $32 billion. The Indian Rupee Options sustained its growth momentum, recording all time high volume of 14,811 contracts in March. The contract registered 106% from the previous month. The Indian Rupee Options contract also set other records including the highest Open Interest (OI) of 8,164 contracts on 27th of March.

Another strong performer was Gold Futures which recorded a 14% month-on-month growth, trading 33,080 contracts in March.

Gaurang Desai, Interim CEO of DGCX said: “We have had a strong first quarter this year, particularly with the performance of our Indian products and an all-time high Open Interest which is an important indicator of market confidence. This augurs well for sustained growth during the rest of the year and encourages us to further diversify our product portfolio with innovative contracts. In addition to launching new products, we are also working on further growing and expanding our community of members and participants.”

Other highlights in March include:

  • Indian Rupee Futures contract recorded second highest ever Average Daily Open Interest of 47,302 contracts in March 2015
  • Indian Rupee Options recorded highest ever Average Daily Open Interest of 6,336 contracts in March 2015.
  • Indian Rupee Euro Futures contract recorded highest ever monthly volume and value at 2,680 contracts valued at $17.07 Mn in March 2015.
  • GBP Futures recorded highest monthly volume of 3,639 contracts since June 2012.
  • DMSI INR Futures recorded highest monthly Volume at 311 contracts valued at $8.46 Mn in March 2015.
  • DUSDZAR Futures recorded highest ever monthly volume and value at 1,489 contracts worth $74.93 Mn in March 2015.
  • DGCX also recorded an all-time high Open Interest (OI) in the first quarter, growing 73% YoY from Q1 2014. In March, DGCX recorded the highest average OI of 59,688 contracts.

To view the official release from DGCX, click here.

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