Palm Oil Monthly Update ‒ June 2021

CME USD Malaysian Crude Palm Oil Volume and Open Interest

In May 2021, CME Crude Palm Oil volume totaled 11,618 lots (290,450 metric tons) and the end-of-month open interest was 27,259 lots (681,475 metric tons). Volume and end-of-month OI in the first three contract months were 2,298 and 9,411, respectively.

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

  • Total volume: 4,798 lots. Volume in the first three contract months: 1,438 lots (dotted bars in the chart).
  • Total end-of-month OI: 9,719 lots. Open interest in the first three contract months: 2,761 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 6,820 lots. Volume in the first three contract months: 860 lots (dotted bars in the chart).
  • Total end-of-month OI: 17,540 lots. Open interest in the first three contract months: 6,650 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $955.25 per metric ton at the end of May 2021, creating a $31.75 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 36.8% to 46.6%, with an average of 41.2%.

Source: CME Group

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

Bean Oil – Palm Oil (BOPO)** price decreased from $582.48 per ton at the beginning of the month, to $495.17 per ton at the end of the month. The monthly movement was -$87.31.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $380.00 per ton at the beginning of the month, to $389.75 per ton at the end of the month. The monthly movement was $9.75.

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.