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Derivatives
Crude Palm Oil Futures (FCPO)
| Contract Code |
FCPO |
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Underlying Instrument
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Crude Palm Oil |
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Contract Size
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25 metric tons |
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Minimum Price Fluctuation
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RM1 per metric ton |
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Daily Price Limits
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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:-
- the contract months shall not be specified as interrupted;
- the 10% Limit shall be applied to all contract months (except the spot month) for the rest of
the first trading session; and
- 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.
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Contract Months
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Spot month and the next 5 succeeding months, and thereafter, alternate months
up to 24 months ahead
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Trading Hours
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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.
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Speculative Position Limits
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500 contracts net long or net short for the
spot month
5,000 contracts for any single delivery month
except for the spot month
8,000 contracts for all contract months
combined
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Final Trading Day and Maturity Date
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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.
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Tender Period
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1st Business Day to the 20th Business Day of
the delivery month, or if the 20th is a non-market day, the preceding Business Day.
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Contract Grade and Delivery Points
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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.
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Deliverable Unit
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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:
- 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
- the 1st Business Day of the delivery month to the Business Day immediately preceding the last
day of trading, if the tender is made on the last trading day or thereafter.
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