The Dubai Gold and Commodities Exchange (DGCX) will formally launch trading of Copper Futures on Friday, April 20, 2012, said a press statement sent to Emirates 24l7.
Copper is the third most widely used metal in the world and is listed on a number of major international exchanges.
The contract listed on DGCX will be the first Copper Futures contract to be introduced in the Middle East. The 5 metric tonne (MT) cash-settled contract provides the optimal tool to hedge and mitigate price risk in physical copper and provides investors with access to one of the most liquid metal contracts in the world. The 5 MT contract size was a result of feedback from the physical hedgers, investors, and cross-exchange participants.
Speaking in advance of the official launch, Ahmed Bin Sulayem, Chairman of DGCX said: “DGCX has a proven track-record in launching products relevant to the Middle East and global market and the launch of our Copper Futures contract is another natural, yet significant strategic step. Given the continuing high demand for copper from industry and investors, we are confident that Copper Futures will be highly attractive to both retail and institutional participants”.
DGCX is committed to playing a significant role in developing the growing derivatives marketplace in the UAE and its expanded product portfolio already covers a diverse range of energy products, precious metal and base metals and currencies. These include the world’s first Indian Rupee futures contracts, as well as the first Brent Oil futures contracts in the Middle East.