Dubai Gold and Commodities Exchange (DGCX) has announced record-breaking trading volumes for a third consecutive month in May on the back of major upswings in Gold and Rupee Futures trading.

The total trading volume for last month hit 853,191 contracts, up 259 per cent from the 237,920 recorded in the same period last year. May 2012 also witnessed the highest ever monthly total value, amounting to $32.67 billion, said a DGCX statement.

The year-to-date total volumes on DGCX reached 2,958,871 contracts; over 158 per cent higher than for the same period in 2011, it stated.
 
Currencies remained the best performing sector, with a contract volume of 746,057 contracts; 352 per cent greater than May 2011.

Indian Rupee Futures surpassed previous monthly and daily records, achieving an average daily value of $1.17 billion and a monthly value of $26.82 billion.

On May 29, the Indian Rupee futures contract recorded 49,400 trades - its highest ever daily volume. The contract also registered its highest ever average open interest of 24,051 contracts on May 29, the statement added.

Meanwhile, the May volumes of Gold Futures saw a substantial upsurge of 117 per cent from the previous month and 15 per cent from May last year to reach 69,541 contracts.

Heightened trading in the contract reflects the recent spike in the price volatility of the precious metal. Copper Futures also made a significant contribution - with a total value of 35,153 contracts in May, doubling April's volume when the contract was first launched, said the DGCX statement.

On the record trading CEO Gary Anderson said, 'DGCX has taken significant steps to enhance its contracts and portfolios, and I am very pleased with the continued record growth in trade volumes as a result.'

'Indian Rupee and Gold futures have been the two stand-out performers in May, with increased volumes a reflection of the improved liquidity, tighter on-screen spreads and growing demand for both contracts as tools to manage exposure to price movements in an environment of high volatility,' he added.-TradeArabia News Service