This guarded defensive tone by the country’s top officials and its partners was heard during the annual Palm and Lauric Oils Conference and Exhibition.
"Our BMD’ global benchmark CPO Futures contract achieved a record-breaking trading volume of 16.2 million contracts, equivalent to 405 million tonnes, surpassing its performance in 2021 of 390 million tonnes. This is more than five times the global production,” Abdul Wahid said.
The two global derivatives exchange operators had specifically acknowledged Malaysia’s role in this area and their intention to continue collaborating with the country on this front. In his speech at the opening of the POC 2023, Bursa Malaysia chairman Tan Sri Abdul Wahid Omar highlighted new products with key features and the exchange’s accomplishments in this area.
“For example, we have launched the Alternative Delivery Procedure in September 2022 for our main contracts, namely the FCPO, East Malaysia Crude Palm Oil Futures and Crude Palm Kernel Oil Futures ,” he said. “Moreover, with inter-commodity spreads, traders can now easily trade their viewpoints on Malaysia’s various market dynamics between Peninsular Malaysia and Sabah and Sarawak,” he said.
Meanwhile, the CME Group executive director for agricultural products Nelson Low acknowledged Malaysia’s historical role in setting CPO prices.
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