Palm Oil Monthly Update – October 2021

USD Malaysian Crude Palm Oil volume and open interest

In September 2021, Crude Palm Oil volume totaled 18,196 lots (454,900 metric tons) and the end-of-month open interest was 36,307 lots (907,675 metric tons). Volume and end-of-month OI in the first three contract months were 11,806 and 18,508, respectively.

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

  • Total volume: 13,636 lots. Volume in the first three contract months: 8,006 lots (dotted bars in the chart).
  • Total end-of-month OI: 14,677 lots. Open interest in the first three contract months: 3,658 lots.

Malaysian Palm Oil Calendar swaps (CPC) performance:

  • Total volume: 4,560 lots. Volume in the first three contract months: 3,800 lots (dotted bars in the chart).
  • Total end-of-month OI: 21,630 lots. Open interest in the first three contract months: 14,850 lots.

Source: CME Group

Source: CME Group

USD Malaysian Crude Palm Oil price and volatility

USD Malaysian Crude Palm Oil Futures* settled at $1,085 per metric ton at the end of September 2021, creating a $114.50 price movement from the beginning of the month.

During the month, 20-day rolling volatility ranged from 26.3% to 34.4%, with an average of 30.8%.

Source: CME Group

Bean Oil – Palm Oil Spread and Palm Oil – Gasoil Spread Price

Bean Oil – Palm Oil (BOPO)** price decreased from $315.02 per ton in the beginning of the month, to $211.10 per ton at the end of the month. The monthly movement was -$103.92.

Source: CME Group

Palm Oil – Gasoil (POGO)*** increased from $375.50 per ton at the beginning of the month to $408.75 per ton at the end of the month. The monthly movement was $33.25.

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.