Palm Oil Monthly Update ‒ February 2021

CME USD Malaysian Crude Palm Oil Volume and Open Interest

In January 2021, CME Crude Palm Oil volume totaled 12,742 lots (318,550 metric tons) and the end-of-month open interest was 25,402 lots (635,050 metric tons). Volume and end-of-month OI in the first three contract months were 2,542 and 8,780, respectively.

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

  • Total volume: 1,922 lots. Volume in the first three contract months: 1,742 lots.
  • Total end-of-month OI: 5,962 lots. Open interest in the first three contract months: 2,250 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 10,820 lots. Volume in the first three contract months: 800 lots.
  • Total end-of-month OI: 19,440 lots. Open interest in the first three contract months: 6,530 lots.

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settles at $844.50 per metric ton at the end of January 2021, creating a -$36.50 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 19.3% to 34.2%, with an average of 28.7%.

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

Bean Oil – Palm Oil (BOPO)** price increased from $65.44 per ton at the beginning of the month, to $139.20 per ton at the end of the month. The monthly movement was $73.76.

Palm Oil – Gasoil (POGO)*** decreased from $461.25 per ton at the beginning of the month, to $392.25 per ton at the end of the month. The monthly movement was -$69.00.

* 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 fsutures and European Low Sulphur Gasoil futures.