Times of Oman
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
DME Oman included in first commodity fund
Times News Service
January 22, 2013 , 8 : 35 pm GST
SAVE THIS ARTICLE
Chris Fix. — Supplied picture
For the first time, the Dubai Mercantile Exchange's flagship crude oil futures contract, DME Oman, is to be included in a new United State-based commodities fund which will give investors exposure to Asia's rapidly growing demand for raw materials.
The inclusion of Dubai Mercantile Exchange Oman in the United States Asian Commodities Basket Fund (USACBF) recognises the critical benchmarking role DME is playing in the expansion of the East of Suez markets, providing transparent price discovery and reflecting the economics of the Asian region like no other crude oil futures contract.
DME's Chief Executive, Chris Fix said: "Dubai Mercantile Exchange Oman's inclusion in, we believe, its first fund is a significant milestone and ringing endorsement of the relevance of DME to the growth of the Asian oil market. Like us, this fund is betting on the rapid growth of crude oil consumption in countries like China and India and I feel certain that over time other funds will follow the lead this launch sets."
"We're already seeing 40 per cent of the crude oil traded on the DME going to China and are confident that as our market matures, volumes will continue to build, aided by DME Oman's inclusion in more Exchange Traded Funds," he added.
"This fund being listed in the US will make trading in Dubai Mercantile Exchange Oman truly global like never before, opening up access to the US investor community for the first time," he further said. The USACBF will be listed on NYSE Arca and own futures in those commodities where China, Japan and India combined account for at least 10 per cent of global demand and are likely to be net importers.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter ImageText here:
No Comments Posted
Latest in this section
Lloyds bank fined £28m over sales failings: regulator
US lawmakers announce two-year budget deal
Japan to spend $970 mn on nuclear soil store: report
GCC firms eye Occidental’s stake in Mena region
Experts to deliberate on STP at workshop
TOP RATED ARTICLES
Six killed in road mishaps
Fahad Al Mukarashi
World leaders, South Africans say rainy, raucous farewell to Mandela
Embarrassed to ‘overtake Viv’
Clarke aims for Ashes, top ranking
Arjun Kapoor's next film to be titled 'Tevar'
More in News
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
Indonesia's illegal dentists bite back after ban
Albanian cannabis fiefdom at heart of European traffic
Asia's animators draw inspiration from Miyazaki
Splash 'Forever More'
Times News Service
More in Features
I would have voted yes to Scottish independence
Musharraf is ready for trial, but is the government?
Of Middle East and the Arab winter
France ill at ease with US policy shift in M-E
The harsh reality of mass migration from Syria
More in Columns
Get Top news by E-mail.
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial