Palm Oil Monthly Update – November 2021

USD Malaysian Crude Palm Oil volume and open interest

In October 2021, CME Crude Palm Oil volume totaled 26,854 lots (671,350 metric tons) and the end-of-month open interest was 43,772 lots (1,094,300 metric tons). Volume and end-of-month OI in the first three contract months were 7,794 and 20,908, respectively.

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

  • Total volume: 23,014 lots. Volume in the first three contract months: 4,374 lots (dotted bars in the chart).
  • Total end-of-month OI: 25,922 lots. Open interest in the first three contract months: 4,508 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 3,840 lots. Volume in the first three contract months: 3,420 lots (dotted bars in the chart).
  • Total end-of-month OI: 17,850 lots. Open interest in the first three contract months: 16,400 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil futures* settled at $1,193.25 per metric ton at the end of October 2021, creating a $150.50 price movement from the beginning of the month.

During the month, 20-day rolling volatility ranged from 33.1% to 36.7%, with an average of 34.6%.

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 $249.38 per ton at the beginning of the month, to $157.52 per ton at the end of the month. The monthly movement was -$91.86.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $369.50 per ton at the beginning of the month, to $474.75 per ton at the end of the month. The monthly movement was $105.25.

Source: CME Group

The FOB Indonesia Basis****, the price spread between Indonesian and Malaysian crude oil palm, increased from $132.25 per ton at the beginning of the month, to $121.75 per ton at the end of the month. The monthly movement was -$10.50.

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.