The Dubai Gold as well as Commodities Exchange (DGCX) today announced that it is in talks with its members and also the wider trading community on the potential listing of a Black Pepper Futures contract. The discussions were initiated adhering to a virtual meeting between Ahmed Bin Sulayem, Chairman of DGCX, as well as Ahmad Sultan Bin Harib Alfalahi, the UAE's Commercial Attaché to India, to strengthen the bilateral relations in between the UAE and also India, as well as the significant duty that DMCC plays in the trade relationship.
Ahmed Bin Sulayem, Chairman of DGCX, stated: "Black pepper is among one of the most prevalent spices exported as well as traded from India. The prospective listing of a Black Pepper Futures contract on the DGCX would certainly not just add great value to investors and traders in the region, however further place the UAE as the global gateway for assets trade. These discussions mark a significant step to strengthening ties in between the UAE and also India, as well as we are confident they will result in more trading opportunities in between the two nations in the future."
In 2013, the Dubai Multi Commodities Centre (DMCC) held the first edition of the International Pepper Conclave (IPC) to provide opportunities for producers, importers, merchants, manufacturers, and merchants to strengthen relations. The DMCC intends to hold the IPC once more in the future.
Les Male, CEO of DGCX, claimed: "We are excited to have actually entered into preliminary discussions with our trading community on the listing of a Black Pepper Futures contract. Black pepper is the 'king of spices', and one of the most traded agricultural items internationally. Provided its high demand, we strongly think that this product would certainly be very attractive to both our retail and institutional participants by ensuring effective price risk hedging and price discovery."