Palm Oil Monthly Update – December 2021

USD Malaysian Crude Palm Oil volume and open interest

In November 2021, CME Crude Palm Oil volume totaled 31,152 lots (778,800 metric tons) and the end-of-month open interest was 55,075 lots (1,376,875 metric tons). Volume and end-of-month OI in the first three contract months were 10,502 and 18,703 respectively.

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

  • Total volume: 29,262 lots. Volume in the first three contract months: 8,612 lots (dotted bars in the chart).
  • Total end-of-month OI: 42,995 lots. Open interest in the first three contract months: 6,623 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 1,890 lots. Volume in the first three contract months: 1,890 lots (dotted bars in the chart).
  • Total end-of-month OI: 12,080 lots. Open interest in the first three contract months: 12,080 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $1,082.75 per metric ton at the end of November 2021, creating a -$62.00 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 30.8% to 35.6%, with an average of 32.7%.

Source: CME Group

Bean Oil – Palm Oil spread, Palm Oil – Gasoil spread price and Palm Oil FOB Indonesia basis price

Bean Oil – Palm Oil (BOPO)** price decreased from $221.45 per ton at the beginning of the month, to $132.22 per ton at the end of the month. The monthly movement was -$89.24.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $420.50 per ton at the beginning of the month, to $483.00 per ton at the end of the month. The monthly movement was $62.50.

Source: CME Group

The FOB Indonesia Basis****, the price spread between Indonesian and Malaysian crude oil palm, increased from $162.75 per ton at the beginning of the month, to $167.25 per ton at the end of the month. The monthly movement was $4.50.

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.
**** Calculated as the differential between the Refinitiv crude palm oil FOB Indonesia third forward month price and the settlement price of USD Malaysian Crude Palm Oil Futures.