Dubai – Mubasher: The Dubai Gold and Commodities Exchange (DGCX) has recorded an average open interest (AOI) of 323,477 contracts during July.
AOI grew 29% year-on-year to 304,398 contracts in July, hitting the highest volume during 2018, according to DGCX’s recent statement.
“Following an outstanding H1 performance, we had a number of significant achievements in July, ranging from our exceptional Open Interest performance to expanding our collateral basket in partnership with Standard Chartered Bank,” CEO of DGCX Les Male commented.
Total contracts hiked 36% year-on-year last month, registering 1.89 million contracts with a combined value of $38.49 billion, the statement added.
The best performing asset classes for July were the Shanghai Gold Futures and Chinese Yuan Futures, generating month-on-month volume growth of 71% and 64%, respectively, the Dubai-based derivatives exchange noted.
The rising demand for China-centric products comes at a time when ties between the UAE and China have boosted after Chinese President Xi Jinping’s recent visit to the UAE, according to the statement.
“Open Interest is a true measure of an Exchange’s success, and our records this month are a reflection of the robustness of our trading platform,” Male added.
