Two commodities exchanges have been in competition to be the first to launch financial instruments for the steel trade, a $500bn market. Dubai Gold and Commodities Exchange (DGCX) was leading the pack with plans to get launch a futures contract before March 2007, according to Reuters. But by then London Metal Exchange and Platts should have started publishing the index prices that could be the basis of a competing contract. National Commodity and Derivatives Exchange of India already lists a successful steel contract with other construction related products in the pipeline.
Chicago Board of Trade (CBoT) announced that September was the consecutive month when the volume of turnover in all derivative instruments was over 500,000 instruments. CBoT has announced that trading of its 100oz gold futures contract reached an all-time high on 4 October, as volume surpassed 70,000 for the first time. The new record of 72,193 contracts topped the...