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Screenshot of a breaking news alert e-mail from Q2 2017
International derivatives marketplace CME Group Inc (NASDAQ:CME) has announced the first trades of the USD Malaysian Crude Palm Oil Calendar futures (CPO) that were launched on July 11, 2016. The trade that took place on August 12, 2016 was between Louis Dreyfus Commodities and a major Indonesian palm oil plantation house, and was brokered by Ginga Global Markets Pte Ltd. A total of 120 futures contracts, equaling 3,000 metric tons, were traded.
Christopher Fix, Managing Director and Head of Asia Pacific, CME Group, shared:
We are excited to see industry interest and support for our USD Malaysian Crude Palm Oil Calendar futures contracts. We are committed to broadening our suite of offerings within the palm derivatives complex, and are pleased to be able to better address the industry’s hedging and trading needs.”
Laren Tan, Chief Operating Officer, Ginga Global Markets Pte Ltd., added:
We are very happy to have brokered the first Crude Palm Oil Calendar futures contract and are very optimistic with the growth potential in this new contract which we believe is an excellent risk management product and for anyone who wants exposure to the global palm oil market. CME Group has been constantly engaging market participants on their risk management needs, and this new contract has provided additional hedging capability to the rapidly growing palm market.”
This Malaysian Crude Palm Oil Calendar futures contract references Bursa Malaysia Derivatives’ Crude Palm Oil futures contract prices, and are 25 metric tons in size. The contract is available for trading on CME Globex, for submission for clearing through CME ClearPort, and listed with and subject to the rules and regulations of CME.