FinancialAdvisor, we, hubby and I, have been playing natural resources heavy for almost 1 1/2 years now, mostly in mutuals, next to some real estate moves that weve made, that area has been 1 of our best performers.
Commodity bourse to begin silver futures trading today
Commodity bourse to begin silver futures trading today Published: 03/27/2006 12:00 AM (UAE) Staff Report
Dubai: The DGCX Silver Futures Contracts, to be launched today, will be a 1,000 troy ounce contract with maturities in March, July, September and December each year.
On maturity of a futures contract, the open position would be settled through delivery of 30 kg silver bars from 10 approved brands complying with Dubai Good Delivery standards.
Dr Mohammad Khalfan Bin Kharbash, Minister of State for Financial and Industrila Affairs, and Obaid Humaid Al Tayer, President of the Dubai Chamber of Commerce and Industry, are scheduled to launch the new silver futures contract at a ceremony to be held in the evening at the Jumeirah Beach Hotel.
The launch has been appropriately positioned to happen at the World Exchange Congress as the event is an annual meeting place of the world's stock, derivative and commodity exchange industry. It brings together investors, exchange customers, regulators, hedge funds, investment banks, suppliers and technology experts from all across the world.
DGCX gold futures contracts have shown impressive performance since their launch last November. This month, gold futures trading has notched up impressive volumes (31,989 kg of gold futures valued at $568 million) a jump of about 400 per cent over January volumes of 6,478 kg in the four months since it started operations.
The trading volume on the exchange is averaging about 1,750 contracts daily with a healthy open interest of about 650. The highest volume of 3,082 contracts was recorded on March 6. Since there is a high degree of correlation between gold and silver, the introduction of silver futures will give a further boost to the volumes on the exchange.
Framroze Pochara, CEO of the DGCX, said, "We have once again delivered as promised silver futures in the first quarter of 2006. We have set very challenging targets for ourselves for introducing a diversified basket of commodities for trading during the year which will benefit the market participants for hedging, arbitrage or investment purposes."
price movement New contracts 'offer hedging option'
"Trading in silver futures will complement the exchange's successful gold futures contracts. The new silver futures contracts are being introduced in response to growing demand and requests from our members. With the increased trading volumes and healthy liquidity witnessed in the gold futures contracts, it is an appropriate time to offer one more product to the market," said Jignesh Shah, DGCX Vice-Chairman.
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