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KUALA LUMPUR - Malaysia's bourse is targeting October to launch its East Malaysian crude palm oil contract, which is expected to benefit traders in the nation's two largest palm producing states, its derivatives exchange told Reuters.
Bursa Malaysia Derivatives Exchange (BMD) manages Malaysia's crude palm oil futures contract (FCPO), which sets the global price benchmark for the world's cheapest and most widely consumed edible oil.
The upcoming new contract - the East Malaysian Palm Oil Futures (FEPO) - will provide greater price discovery to the East Malaysian market, where crude palm oil is typically sold at a discount to spot prices in peninsular Malaysia.
"We are definitely excited about (this contract)... East Malaysian production has already accounted for almost 45% of Malaysia's total (palm oil) output, even though peninsular Malaysia's FCPO is the global price benchmark," Samuel Ho, BMD Chief Executive Officer said.
"It will provide more trading opportunities and arbitrages into the market," Ho said.
The FEPO contract is similar to the existing palm oil contract, but with a longer trading session and half the position limit.
It will cater for physical deliveries in the East Malaysian states of Sabah and Sarawak through three designated ports.
Malaysia is the world's second-largest palm oil producer and exporter after Indonesia. REUTERS