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Bursa Malaysia Derivatives (BMD) offers 3 categories of derivatives: Commodity Derivatives, Equity Derivatives and Financial Derivatives.

Crude Palm Oil Futures (FCPO)

Commodity Derivatives

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Crude Palm Oil Futures (FCPO)

  • English
  • Chinese (中文)

Contract Specification

Crude Palm Oil Futures (FCPO)
Contract CodeFCPO
Underlying Instrument Crude Palm Oil
Contract Size 25 metric tons
Minimum Price Fluctuation RM1 per metric ton
Daily Price Limits With the exception of trades in the spot month, trades for future delivery of Crude Palm Oil in any month shall not be made, during any one Business Day, at prices varying more than 10% above or below the settlement prices of the preceding Business Day ("the 10% Limit") except as provided below.

When at least 3 non-spot month contracts are trading at the 10% Limit, the Exchange shall announce a 10-minute cooling off period ("the Cooling Off Period") for all contract months (except the spot month) during which trading shall only take place within the 10% Limit. Following the Cooling Off Period, all contract months shall be specified as interrupted for a period of 5 minutes, after which the prices traded for all contract months (except the spot month) shall not vary more than 15% above or below the settlement prices of the preceding Business Day ("the 15% Limit").

If the 10% Limit is triggered less than 30 minutes before the end of the first trading session, the following shall apply:-

  1. the contract months shall not be specified as interrupted;
  2. the 10% Limit shall be applied to all contract months (except the spot month) for the rest of the first trading session; and
  3. the 15% Limit shall be applied for all contract months (except the spot month) during the second trading session.

If the 10% Limit is triggered less than 30 minutes before the end of the second trading session, the 10% Limit shall be applied to all contract months (except the spot month) for the rest of the Business Day.

Contract Months Spot month and the next 5 succeeding months, and thereafter, alternate months up to 24 months ahead
Trading Hours
  • First trading session: Malaysian time 10:30 a.m. to 12:30 p.m.
  • Second trading session: Malaysian time 3:00 p.m. to 6:00 p.m.
Speculative Position Limits The maximum number of net long or net short positions which a client or a participant may hold or control is:
  • 800 contracts for the spot month
  • 10,000 contracts for any one contract month except for spot month
  • 15,000 contracts for all months combined

The above position limit will be a combined limit for Crude Palm Oil Futures Contracts and Options on Crude Palm Oil Futures. (Please note that spot month futures limit will not be applicable to the options)

Final Trading Day and Maturity Date Contract expires at noon on the 15th day of the delivery month, or if the 15th is a non-market day, the preceding Business Day.
Tender Period 1st Calender Day to the 20th Calender Day of the spot month, or if the 20th is a non- market day, the preceding Business Day.
Contract Grade and Delivery Points Crude Palm Oil of good merchantable quality, in bulk, unbleached, in Port Tank Installations approved by the Exchange located at the option of the seller at Port Kelang, Penang/Butterworth and Pasir Gudang (Johor).

Free Fatty Acids (FFA) of palm oil delivered into Port Tank Installations shall not exceed 4% and from Port Tank Installations shall not exceed 5%.

Moisture and impurities shall not exceed 0.25%.

Deterioration of Bleachability Index (DOBI) value of palm oil delivered into Port Tank Installations shall be at a minimum of 2.5 and of palm oil delivered from Port Tank Installations shall be at a minimum of 2.31.

Deliverable Unit 25 metric tons, plus or minus not more than 2%.
 
Settlement of weight differences shall be based on the simple average of the daily Settlement Prices of the delivery month from:
  1. The 1st Business Day of the delivery month to the day of tender, if the tender is made before the last trading day of the delivery month; or
  2. The 1st Business Day of the delivery month to the last day of trading, if the tender is made on the last trading day or thereafter

合约细则

FCPO/原棕榈油期货
交易代码FCPO
交易品种 原棕榈油
结算方式 现货交割
合约大小 每手25立方公吨
报价单位 US$ (美元)/ 公吨
最低价格波幅 每公吨1令吉
合约月份 现货月份和接下来连续5个月;以及接下来24个月内则是每隔一个月1个合约.。。
 交易时间  第一交易时段:
上午10:30至中午12:30

第二交易时段:
下午03:00 至下午 06:00
每日价格限制 除现货月外,所有月份的合约,其价格最大波动幅度都是前一交易日结算价格的10%。

但以下情况例外:

当至少有3个非现货月份的合约波动达到10%,交易所将宣布,所有月份(除现货月)的合约将有10分钟的冷却期,即在该10分钟内的所有交易,都必须在10%的冷却期价格交易,在10分钟的冷却期后,所有合约(除了现货月)都停盘5分钟。然后,所有合约(除现货月)的价格波动幅度都不可以超过前一个交易日结算价的15%。

若任何合约月份是在第一个交易时段结束前30分钟触及10%的冷却期价格,那么,将必须遵守以下条例:

  • 该月份的合约不应被归类为交易冷却期。
  • 在第一个交易时段的剩余交易时间,所有月份(除现货月)都必须在10%的价格波动幅度内交易。
  • 在第二个交易时段内,所有月份合约都在15%的价格波动范围内交易。

若任何月份的合约是在第二个交易是时段结束前30分钟触及10%的冷却期价格,那么,所有月份合约(除现货月)在该交易日内的其余交易时间,价格波动必须在10%以内。

最后交易日 现货月份的15日中午12:00,若15日为非交易日,则提前到前一个交易日。
交割日前 现货月份的第一至第二十日,若第二十日为非营业日,则提前到前一个营业日。
交割品质及地点

交割地点:
由卖家决定,位于马来西亚巴生港口(Port Klang),槟城 (Butterworth) 或柔佛 (Pasir Gudang, Johor) 的交易所指定仓库。

质量要求:
品质优良,具有商业价值,整批且未经漂白的马来西亚原棕榈油。

游离脂肪酸含量 (FFA, Free Fatty Acid):
在输入港口油槽设施的棕榈油脂肪酸含量以油分子量为准。输入港口油槽设备之前不超过4%,输出港口油槽设施是不能超过5%。

水分及杂质:
不可超过0.25%。

漂白指数(DOBI):
输入港口油槽设施之前不低于2.5%,输出港口油槽设施时不能低于2.31%。

交货单位 25公吨,或稍微超过或少过25公吨,比率不超过2%。

重量差距的结算价,应按交货月份的每日结算价的简易平均价计算。

  • 若是在交货月份的最后一个交易日之前投标,有关简易平均价是根据交货月份的首个交易日至投标日计算
  • 若是在交货月份的最后一个交易日当天或过后投标,简易平均价是根据交货月份的首个交易日至最后一个交易日计算

rochures Download

FCPO Brochure
English | Chinese
6 MB | 6 MB (PDF)

FCPO Specification
English | Chinese
1.659 MB | 1.713 MB (PDF)


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