Palm Oil Monthly Update ‒ April 2021

CME USD Malaysian Crude Palm Oil Volume and Open Interest

In March 2021, CME Crude Palm oil volume totaled 16,608 lots (415,200 metric tons) and the end-of-month open interest was 27,089 lots (677,225 metric tons). Volume and end-of-month OI in the first three contract months were 4,296 and 9,298, respectively.

USD Malaysian Crude Palm Oil Calendar futures (CPO) performance:

  • Total volume: 10,548 lots. Volume in the first three contract months: 2,936 lots (dotted bars in the chart).
  • Total end-of-month OI: 9,239 lots. Open interest in the first three contract months: 1,918 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 6,060 lots. Volume in the first three contract months: 1,360 lots (dotted bars in the chart).
  • Total end-of-month OI: 17,850 lots. Open interest in the first three contract months: 7,380 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $854.25 per metric ton at the end of March 2021, creating a -$3.00 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 35.3% to 48.2%, with an average of 40.2%.

Source: CME Group

Bean Oil – Palm Oil Spread and Palm Oil – Gasoil spread price

Bean Oil – Palm Oil (BOPO)** price increased from $262.04 per ton at the beginning of the month to $312.44 per ton at the end of the month. The monthly movement was $50.40.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $330.50 per ton at the beginning of the month to $346.75 per ton at the end of the month. The monthly movement was $16.25.

Source: CME Group

* Based on USD Malaysian Crude Palm Oil futures first nearby contract month that is not in the monthly averaging period. Contract month rolls at the beginning of each month.

** Defined as the differential of settlement price between CBOT Soybean Oil futures converted into USD/MT and USD Malaysian Crude Palm Oil futures.

*** Defined as the differential of settlement price between USD Malaysian Crude Palm Oil futures and European Low Sulphur Gasoil futures.