31 August 2006
Dubai Gold and Commodities Exchange has announced that it will launch the Fujairah 380 CST High Sulfur Fuel Oil Futures Contract on October 30.
Fuel Oil will be the sixth futures product to be traded on DGCX. The Exchange went live in November 2005 with trading in gold futures contracts. Soon after, it introduced trading in silver futures in and in three currency pairs (Euro/USD, GBP/USD and JPY/USD) in June 2006. DGCX made this announcement yesterday during a special forum held in Singapore - on the eve of APPEC 2006 conference. The Fujairah 380 CST High Sulfur Fuel Oil Futures Contract will begin trading on DGCX with six consecutive forward month contracts, starting with December 2006 as the near month contract. The contract will be traded in lots of 100 metric tonnes of 4.5 per cent sulphur, 380 centistoke fuel oil.
Port of Fujairah supplies approximately 12 million metric tonnes of bunker fuel annually. The proposed futures contract will facilitate price discovery nearer home for a commodity which plays such an important role in the region.
Colin Griffith Chairman, DGCX, said: "We are delighted to announce the launch of the first energy product for trade on DGCX. With the introduction of fuel oil futures, DGCX will be in a unique position to offer futures trading in a diversified range of commodities - precious metals, currencies and now oil.
Dubai Gold and Commodities Exchange has announced that it will launch the Fujairah 380 CST High Sulfur Fuel Oil Futures Contract on October 30.
Fuel Oil will be the sixth futures product to be traded on DGCX. The Exchange went live in November 2005 with trading in gold futures contracts. Soon after, it introduced trading in silver futures in and in three currency pairs (Euro/USD, GBP/USD and JPY/USD) in June 2006. DGCX made this announcement yesterday during a special forum held in Singapore - on the eve of APPEC 2006 conference. The Fujairah 380 CST High Sulfur Fuel Oil Futures Contract will begin trading on DGCX with six consecutive forward month contracts, starting with December 2006 as the near month contract. The contract will be traded in lots of 100 metric tonnes of 4.5 per cent sulphur, 380 centistoke fuel oil.
Port of Fujairah supplies approximately 12 million metric tonnes of bunker fuel annually. The proposed futures contract will facilitate price discovery nearer home for a commodity which plays such an important role in the region.
Colin Griffith Chairman, DGCX, said: "We are delighted to announce the launch of the first energy product for trade on DGCX. With the introduction of fuel oil futures, DGCX will be in a unique position to offer futures trading in a diversified range of commodities - precious metals, currencies and now oil.
© Bahrain Tribune 2006
