DGCX to launch base Metals product suite

DUBAI, 2nd March, 2019 (WAM) — The Dubai Gold & Commodities Exchange (DGCX) and Dubai Commodities Clearing Corporation (DCCC) today announced an expansion to their existing portfolio of metals products with the launch of new base metal products. The two new products, Aluminium Futures and Zinc Futures, will go live on Friday 22nd March, 2019.

The new products will provide investors with an opportunity to mitigate the risks involved in the base metal markets, and appeal to global participants, by enabling them to hedge prices efficiently. The size of each Aluminium Futures and Zinc Futures contract will be 5 metric tonnes (MT), denominated and traded in US dollars.

Les Male, CEO of DGCX, commented: “We are excited to introduce new products to meet the ever-growing needs of our member community. The imminent launch of these two products is a response to growing demands and investor feedback, and will play an important role in the DGCX Group’s growth strategy moving forward. We are confident that they will further strengthen our value proposition to all participants across the non-ferrous metals supply chain, while complementing our existing portfolio of diverse products.”

The new products will be cash settled in US Dollars, and EFS, EFP and Block trading will be permissible in the contracts.

“All trades in the new contracts will be cleared by our wholly-owned and regulated clearing house, the Dubai Commodities Clearing Corporation (DCCC). The DCCC is recognised by ESMA as a Third-Country Central Counter Party and has rightfully earned itself a credible reputation acting as a guarantor to all trades executed on the DGCX,” Male added.

The DGCX traded over 1.62 million contracts in February, valued at $31.1 billion. DGCX’s currency portfolio saw robust trading activity throughout February. Euro Futures and Rupee Mini Futures recorded their highest monthly Average Open Interest (AOI) of 2,919 and 119,173 contracts respectively. Open Interest is defined as the number of contracts outstanding in derivatives (such as futures and options) trading at any time on a market and is a definitive measure of a product’s and wider exchanges success.

WAM/Hatem Mohamed



About Author

In November 1976, the United Arab Emirates agreed to set up the Emirates News Agency, WAM, to communicate news and information about the nascent state. On 18th June, 1977, WAM began to fullfil its professional mandate by transmitting UAE news to the rest of the world, covering all aspects of its political, economic and social development. The data on this website is federated through WAM.AE RSS Feeds. This website is not affiliated with WAM and you are requested to always view the latest articles and updates directly from the source website.

You may also like

ADFF Introduces New Award for Environmental Films

  • September 7, 2011
WAM Abu Dhabi, Sept. 6th, 2011 (WAM) -- The Abu Dhabi Film Festival (ADFF), organized by Abu Dhabi Authority for

DCL analyzes thousands of food and environmental samples

  • September 7, 2011
Tue 06-09-2011 22:08 PM WAM Dubai, Sept. 6th, 2011 (WAM) -- Food and Environment Laboratory Section of Dubai Central Laboratory