Total WTI volumes on Dubai Gold & Commodities Exchange (DGCX) reached record new highs on July 8, 2008 (Tuesday) trading 3,727 contracts equivalent to a value of almost $513 million.
This record surpasses previous WTI highs transacted on June 19 of 3,500 contracts by 6%. Average daily volume (ADV) since inception of the WTI contract stood at almost 1,900 with WTI month to date ADV standing at 2,261 contracts.
Elaborating on the record daily volumes achieved by the WTI contracts, Malcolm Wall Morris, Chief executive officer of DGCX, said, ?The volumes seen on our WTI contract on July 8 continues to demonstrate the unparalleled success of our crude oil contracts. Considering the increasing demand by market participants for hedging tools to manage their oil price exposure, we are confident that the demand for Dubai Gold & Commodities Exchange crude oil contracts is set to escalate even further.?
Total volumes on the exchange reached almost 12,400 contracts on July 8, 2008 recording the highest ever daily value of $864 million, according to Dubai Gold & Commodities Exchange release.