Palm Oil Monthly Update ‒ March 2021

CME USD Malaysian Crude Palm Oil Volume and Open Interest

In February 2021, CME Crude Palm Oil volume totaled 9,840 lots (246,000 metric tons) and the end-of-month open interest was 26,280 lots (657,000 metric tons). Volume and end-of-month OI in the first three contract months were 3,218 and 9,398, respectively.

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

  • Total volume: 3,684 lots. Volume in the first three contract months: 1,202 lots (dotted bars in the chart).
  • Total end-of-month OI: 6,470 lots. Open interest in the first three contract months: 2,268 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 6,156 lots. Volume in the first three contract months: 2,016 lots (dotted bars in the chart).
  • Total end-of-month OI: 19,810 lots. Open interest in the first three contract months: 7,130 lots.

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settle at $905.25 per metric ton at the end of February 2021, creating a $89.75 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 35.8% to 44.2%, with an average of 39.9%.

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

Bean Oil – Palm Oil (BOPO)** price increased from $175.92 per ton at the beginning of the month, to $226.60 per ton at the end of the month. The monthly movement was $50.68.

Palm Oil – Gasoil (POGO)*** increased from $359.25 per ton at the beginning of the month, to $373.25 per ton at the end of the month. The monthly movement was $14.00.

* 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 futures and European Low Sulphur Gasoil futures.