Dubai's DMCC Says To List Copper Futures Soon

Dubai's DMCC Says To List Copper Futures Soon

"We think the DGCX team and member clients are ready for this now," Ahmed bin Sulayem, DGCX's chairman and head of the Dubai Multi Commodities Centre (DMCC) said on Monday.

April 2, 2012 5:13 by kippreport

Dubai’s government-owned commodities centre is poised to list copper futures on the Dubai Gold and Commodities Exchange (DGCX) soon as attractive market conditions provide a favourable environment for the exchange’s long-standing plan.

“We think the DGCX team and member clients are ready for this now,” Ahmed bin Sulayem, DGCX’s chairman and head of the Dubai Multi Commodities Centre (DMCC) said on Monday.

He did not say mention a specific date but added: “You are likely to hear in the very near future a listing of copper futures on DGCX.”

Copper futures were one of the first projects that were proposed when the exchange was set up, Sulayem said. DMCC-linked DGCX commenced trading in 2005.

“We were bombarded with many projects when we first set up and copper was one of the first, but you have to look at the right timing and what is needed and required by members.”

Other projects the trading centre is looking at include tea and diamond futures, but Sulayem said these were more difficult to implement.

“We are not looking to have 200 different contracts but we are focusing more on volume rather than on quantity of projects,” Sulayem said. (Reporting By Maha El Dahan, Editing by Humeyra Pamuk)