The Dubai Gold and Commodities Exchange (DGCX) today announced that it is in talks with its members and the wider trading community on the potential listing of a Black Pepper Futures contract. The discussions were initiated following a virtual meeting between Ahmed Bin Sulayem, Chairman of DGCX, and Ahmad Sultan Bin Harib Alfalahi, the UAE’s Commercial Attaché to India, to strengthen the bilateral relations between the UAE and India, and the major role that DMCC plays in the trade relationship.
Ahmed Bin Sulayem, Chairman of DGCX, said: “Black pepper is one of the most prevalent spices exported and traded from India. The potential listing of a Black Pepper Futures contract on the DGCX would not only add great value to investors and traders in the region, but further position the UAE as the global gateway for commodities trade. These discussions mark a significant step to strengthening ties between the UAE and India, and we are confident they will lead to further trading opportunities 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, exporters, manufacturers, and retailers to strengthen relations. The DMCC plans to host the IPC again in the near future.
Les Male, CEO of DGCX, said: “We are excited to have 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 products internationally. Given its high demand, we firmly believe that this product would be highly attractive to both our retail and institutional participants by ensuring effective price risk hedging and price discovery.”