|By PR Newswire||
|February 26, 2014 03:01 AM EST||
DUBAI, UAE, February 26, 2014 /PRNewswire/ --
- Exchanges launch respective polypropylene contracts on the same day to create significant liquidity for trading
- Both plastics futures contracts to go live on February 28, 2014
The Dubai Gold and Commodities Exchange (DGCX) and Dalian Commodity Exchange (DCE) today announced the simultaneous launch of their respective polypropylene futures contracts.
The concurrent launch of both the Exchanges' contracts is designed to raise substantial liquidity for the global trading of the products. The contracts will go live on February 28, 2014.
DGCX and DCE have been working closely to develop plastics contracts following the signing of a memorandum of understanding (MoU) in 2012. DGCX's new polypropylene futures contract, the first ever in the region, will create a transparent market and new pricing benchmark for the MENA region. The contract is sized at 5 metric tons (MT), with the contract price quoted in US dollars per MT. Physical delivery will ensure price convergence between the futures market and the physical market. DGCX has approved leading warehouses in Jebel Ali (JAFZA) and Dubai World Central (DWC) Free Zones for the delivery of the product.
Gary Anderson, CEO of DGCX, said: "The GCC region produces more than 50 million tonnes of plastics a year with a significant percentage being exported to the Far East. We believe our plastics futures contract will be a key risk management tool for all participants in the plastics supply chain, including producers, traders, convertors and end-users. "
"We have timed our contract launch with that of DCE in order to maximise liquidity and provide trading opportunities between the two contracts. There are a large number of plastics producers in this region while China is the largest consumer of plastics in the world. I would like to congratulate Dalian Commodity Exchange for the launch of their polypropylene futures contract," added Anderson.
Li Zhengqiang, CEO of DCE, said: "Though China is the largest importer of polypropylene, participants in the market have been exposed to significant price risk for several decades. We have been working with DGCX to structure a similar plastics contract that helps the plastics industry to hedge their exposure effectively.
The DGCX polypropylene futures contract will trade from 7:00AM-1:00PM Dubai Time. The DCE polypropylene futures contract will trade from 5:00-7:30AM and 9:30-11:00AM Dubai Time.
SOURCE Dubai Gold and Commodities Exchange (DGCX)
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