Dubai launches first copper futures in the Middle East.

By bne IntelliNews April 20, 2012
The Dubai Gold and Commodities Exchange (DGCX) will launch the first copper futures in the Middle East on April 20, 2012 to be traded from 8:30 to 11:30 AM Dubai time, the DGCX said in a statement on its website. The contract is sized at five metric tonnes with the price quoted in US dollars to be cleared by the Dubai Commodities Clearing Corporation. DGCX earlier established a Copper Advisory Group to provide the exchange advice on the design of the contract. The group comprises leading companies in the copper-consuming industry like Ducab and Lucky Group. It is worth noting that the UAE accounts for over 30% of the Middle East's annual copper consumption which stands at around 600,000 tonnes.
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