Dubai Gold & Commodities Exchange (DGCX) said on Wednesday that it has postponed the launch of its Plastics Futures contract based on feedback from key industry participants.

The launch of Polypropylene and Linear Low Density Polyethylene futures contracts for the Middle East and South East Asian markets was originally scheduled for February 5 launch.

Commenting on the move, James Bernard, executive director – Plastics, Dubai Multi Commodities Centre said “Although the product is ready to launch, the plastics industry needs more time to prepare for trading the contracts, particularly in light of the current economic climate.”

He pointed out that the rescheduling of the futures contracts was in line with DGCX’s strategy to launch the right products at the right time.

Malcolm Wall Morris, chief executive officer, DGCX, said, 'Throughout the development of these contracts, we have worked closely with the global plastics industry in order to meet their exact requirements.'

'The physical delivery nature of these contracts requires complete readiness and familiarisation, as such we will continue to work in conjunction with participants to introduce the contracts when the industry is ready,' he added.-TradeArabia News Service