The Dubai Gold and Commodities Exchange (DGCX) Group’s Indian Rupee (INR) suite recorded a spike in trading during October, as market participants looked to hedge their risk amid market volatility.

Notably, the DGCX Group’s Weekly INR-US Dollar (USD) Futures Contract traded strongly, registering a Y-O-Y ADV growth of 119.19%. The DGCX’s Mini INR Futures Contracts also drew a Y-O-Y ADV growth of 85.21%, compared to the same period last year.

There was also sustained interest in the DGCX’s West Texas Intermediary (WTI) Futures Contract during the month, as oil prices soared with US crude hitting a seven-year high during the last week of October. The WTI Futures Contract registered a year-on-year (Y-O-Y) average daily volume (ADV) growth of 44.73%, compared to the same period last year.

Trading across the DGCX’s precious metals portfolio was also strong during the month, with the exchange’s flagship Gold Futures Contract recording a Y-O-Y ADV growth of 32.62% compared to the same period last year.

Once again, DGCX also registered a high monthly average open interest (AOI) of 135,828 contracts in the month of October.

Following the DGCX’s strategic MoU with Victoria Falls Stock Exchange (VFEX) - the DGCX Group’s senior management participated in a four-day workshop in conjunction with VFEX, in Zimbabwe. The session served as an important platform for DGCX’s senior team to provide VFEX representatives and other market participants in Zimbabwe with an exchange of technical knowledge, best practices, and support to establish an international commodities exchange in Zimbabwe.

The new commodities exchange will pave the way for more exchanges in the African market and represents just one of DGCX’s several initiatives in the African region, as part of the exchange’s strategic expansion into the continent.

Les Male, CEO of DGCX, said: “The DGCX enjoyed a strong month of trading in terms of increased volumes and value. We registered heightened interest in our INR currency and precious metals portfolios during October, as market participants looked for short-term contracts and arbitrage opportunities to match their business and hedging requirements.

“A buoyant sentiment on oil prices also saw DGCX’s WTI Futures Contract perform strongly, as US crude reached a seven-year high. Going forward, we have a number of new product launches in the pipeline, which we will soon announce over the coming months.” – TradeArabia News Service