DGCX to launch plastics futures on February 5 |
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The Dubai Gold and Commodities Exchange (DGCX)Dubai Gold and Commodities Exchange (DGCX)
said it will launch the world's first region-specific plastic futures on February 5, 2009.DGCXDGCX
will offer plastic futures contracts on linear low density polyethylene (LLDPE) and polypropylene (PP), creating a new and transparent pricing mechanism specific to two regions the Middle East and South East Asia. Ahead of the launch, DGCXDGCX has approved leading warehouses and delivery point operators."For the first time, plastic futures prices will incorporate local costs and regional demand-supply differences, enabling convergence of futures prices with those of the physical market," Malcolm Wall Morris, Chief Executive Officer at DGCXDGCX
said in a statement.The petrochemical sector and its downstream industries are key drivers of economic growth in the Gulf. Capacity expansion, easy access to feedstock and proximity to the high-growth Asian markets have ensured the Middle East is the hub of global petrochemical trade.
"Price volatility in recent months has put pressure on profitability across the plastics supply chain and downstream firms are looking for innovative ways to minimise this impact.
"The DGCXDGCX
plastics futures contract will provide industry participants with a sophisticated hedging tool, enabling them to lock-in future margins," Wall Morris said.Initial feedback from market participants in the Middle East and Asia has been very encouraging, said James Bernard, Associate Director at the Dubai Multi Commodities Centre (DMCC)Dubai Multi Commodities Centre (DMCC)
. "Given the significant size and scale of the global petrochemical trade, plastic futures are a key addition to the exchange's product portfolio and reinforce the strategy of launching the right products at the right time," he said. DGCXDGCX
a fully automated online commodities exchange, is an initiative of the Dubai Multi Commodities CentreDubai Multi Commodities Centre, Financial Technologies (India) Limited and the Multi Commodity Exchange of India Limited (MCX). By Staff Writer
© Emirates Business 24/7 2008
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