Dubai – Mubasher: The Dubai Gold and Commodities Exchange (DGCX) has registered the best start in a year on the back of the burgeoning global volatility. 

The  Middle East’s biggest derivatives exchange logged a total of 1.93 million contracts in January with a total value of AED 139.9 billion ($38.09 billion), the Dubai-based bourse said in a statement.

DGCX’s trading was supported by a series of significant political events, including the ongoing partial US government shutdown and heightened trade tensions between the US and China, the world’s two largest economies. 

Moreover, various comments made by the Organization of the Petroleum Exporting Countries (OPEC) in relation to oil production cuts also fanned financial market volatility, bolstering the performance of DGCX’s hydrocarbons portfolio.

“After an incredibly strong 2018, we have made a very promising start to the year against a volatile backdrop, which saw financial markets, across various asset classes hit recent lows on Christmas Eve, and then rally into the New Year and beyond. The performance of our hydrocarbons products was particularly of note, as well as our Indian Rupee Futures contracts,” Les Male, CEO of DGCX, commented.

Male added that global markets are likely to continue experiencing sharp bouts of volatility throughout 2019.

“We expect increased demand for derivative products for hedging and investment purposes and we are confident that DGCX will continue to play an increasingly important role for investors within the region,” Male said.