The Dubai Gold and Commodities Exchange (DGCX) on Thursday announced an extension of its trading hours. From June 4, the Exchange will open from 07:00 (UAE time), 1 hour and 30 minutes earlier than its previous opening time. The extended trading time will provide DGCX participants with a 30 minute window before the exchange traded currency derivatives markets open in India. Commodity and currency futures prices are tightly linked to the prices of their underlying instruments, with futures prices highly sensitive to price movements of the underlying. This makes them much more suitable for ‘momentum trading\' than equities. The 30 minute window between DGCX opening and the Exchange traded currency derivatives market opening in India will allow participants on the DGCX an opportunity to take positions based on overnight indicators, putting them ahead of the momentum curve. Commenting on the initiative, Gary Anderson, Chief Executive Officer, DGCX, said: \"DGCX has a strong track record in contract innovation and the Exchange remains committed to further enhancing trading opportunities in commodity and currency derivatives in the region. The launch of a new product or contract enhancement on DGCX is based on both market conditions and feedback from DGCX Members and market participants. The extension of our trading hours is the result of this interaction and feedback process. \" The extended opening hours are predicted to be of greatest interest to participants trading in INR Futures and will enhance DGCX\'s leading proposition on this contract. In 2007, DGCX introduced the world\'s first INR Futures contract. Over the last two years the growth of the contract has been exceptional, recording an annual volume of 3,184,979 contracts in 2011, a 563% growth from 2010. Its success has been primarily driven by international interest in India\'s economy and currency. In addition, India\'s ra idly growing trade flows, increased cross border investments and the fluctuation in exchange rates, have created a corresponding requirement to hedge risk. Increasing trade between India and the Middle East is also a key factor behind the contract\'s success, benefiting a wide number of participants including traders, speculators, importers, exporters, hedgers and local businesses.