ArchivesDME hits new records
Sunday, 07 March 2010
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The Dubai Mercantile Exchange (DME) said that a new record total open interest of 19,867 was achieved in its flagship DME Oman Crude Oil Futures Contract (DME Oman) last month.
The DME also achieved a new record for physical delivery of 13.4 million barrels for delivery in April 2010, surpassing the previous high of 11.6 million barrels set in September 2009.
Open interest in DME Oman has been increasing steadily, the latest figure exceeding the previous open interest record in July 2009.
DME Oman is the largest physically delivered crude oil futures contract in the world with an average of nine million barrels per month delivered through the exchange in 2009. Since its launch in June 2007, more than 235 million barrels of Oman crude have been delivered through the DME.
The DME recently reported a 69 per cent year-on-year increase in trading volumes for 2009 with average daily volumes approaching 3000 lots in the fourth quarter of the year and continuing with a similar trend in the first two months of 2010.
“DME Oman provides the most reliable risk management and price discovery tool for participants in the rapidly growing East of Suez markets," said Ahmad Sharaf, chairman of the DME.
