Dubai Gold & Commodities Exchange (DGCX) has postponed the launch of its Plastics Futures contract which was earlier scheduled for February 5, 2009 owing to the response form the key industry participants. The decision to delay the commencement of Polypropylene and Linear Low Density Polyethylene futures contracts for the Middle East and South East Asian markets comes amid the time when plastics industry is grappling with declining demand as global economic crisis deepens.
Commenting on the move to postpone the contract, James Bernard, Executive Director - Plastics, Dubai Multi Commodities Centre said "Although the product is ready to launch, the plastics industry needs more time to prepare for trading the contracts, particularly in light of the current economic climate". Malcolm Wall Morris, Chief Executive Office, DGCX, said "Throughout the development of these contracts, we have worked closely with the global plastics industry in order to meet their exact requirements. The physical delivery nature of these contracts requires complete readiness and familiarisation, as such we will continue to work in conjunction with participants to introduce the contracts when the industry is ready".