Palm Oil Monthly Update ‒ May 2021

CME USD Malaysian Crude Palm Oil Volume and Open Interest

In April 2021, CME Crude Palm Oil volume totaled 10,584 lots (264,600 metric tons) and the end-of-month open interest was 26,470 lots (661,750 metric tons). Volume and end-of-month OI in the first three contract months were 2,229 and 9,702, respectively.

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

  • Total volume: 3,464 lots. Volume in the first three contract months: 2,109 lots (dotted bars in the chart).
  • Total end-of-month OI: 8,300 lots. Open interest in the first three contract months: 2,222 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 7,120 lots. Volume in the first three contract months: 120 lots (dotted bars in the chart).
  • Total end-of-month OI: 18,170 lots. Open interest in the first three contract months: 7,480 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $911.00 per metric ton at the end of April 2021, creating a $65.00 price movement from the beginning of the month.

During the month, 20-Day rolling volatility ranged from 36.5% to 41.8%, with an average of 39.3%.

Source: CME Group

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

Bean Oil – Palm Oil (BOPO)** price increased from $303.27 per ton at the beginning of the month, to $598.28 per ton at the end of the month. The monthly movement was $295.01.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $347.50 per ton at the beginning of the month, to $377.25 per ton at the end of the month. The monthly movement was $29.75.

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.