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Dubai launches silver futures |
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3/29/2006 8:45:47 AM |
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DUBAI - Dubai launched the Middle East’s first silver futures contracts today, in the hope that growing investor demand for the metal will help power the Gulf emirate’s drive to become a global commodities trading hub.
The Dubai Metals and Commodities Exchange’s July delivery contract debuted at $10.95 per ounce as global silver prices touched 22-year highs, driven by expectations that a proposed U.S. exchange-traded fund would spur demand.
Since the exchange opened in November, gold futures and volumes have increased rapidly, buoyed partly by the physical gold trade centred in Dubai.
Although the physical silver trade in the emirate is relatively small, traders said they expected silver futures volumes to grow even faster with rising demand from investors.
"Traditionally, silver has been more volatile than gold, which is great for people who want to move in and out of the market to make money. That will be the main driver of the growth in Dubai," said V. Sivaramakrishnan of KomBench.
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