DGCX Recorded Highest Average Open Interest in May
The Dubai Gold & Commodities Exchange (DGCX) recorded monthly Average Open Interest (AOI) of 406,203 contracts in the month of May this year. This is the highest average OI since 2016. The higher AOI was mainly on account of the spike in Indian Rupee (INR) trading during the month. Also, the ongoing political tensions across the Europe lifted Euro Futures AOI to highest level of 3,886 contracts. A total of almost 1.827 million contracts were traded in May 2019. These contracts were valued at approximately $35 billion.
All the three INR contracts reported robust performance during the previous month of the current year. The INR Quanto Futures recorded its best ever performance in May. The contract has now traded over 2 million lots until May this year, which is higher by 28% over the previous year. The Rupee Mini Futures reported an AOI of 117,390 contracts in May this year.
Commenting on the Exchange’s outstanding performance in May ‘19, Les Male, CEO, DGCX stated that the record AOI levels are a testimony of the acceptance of its robust trading platform by members. The exchange will continue to offer a wide range of products to help customers manage their risk. The end of long election process in India led to led to sudden spike in Indian Rupee trading last month, Male noted.
The Exchange had reported its best ever April performance since its inception, trading 1.697 million contracts valued at $32.29 billion in April ’19. The spike in volumes was mainly due to tremendous rise in volumes of Indian Rupee and G6 currencies trading.