Financial Daily from THE HINDU group of publications
Friday, Mar 21, 2003
Financial Daily from THE HINDU group of publications Friday, Mar 21, 2003 |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Malaysian bourse may offer options on palm oil futures G. Chandrashekhar
KUALA LUMPUR, March 20 THE Malaysia Derivatives Exchange Bhd (MDEx), which offers crude palm oil (CPO) futures, is examining the feasibility of launching options on CPO futures and palm kernel oil futures. According to MDEx Executive Chairman, Mr Abdul Jabbar Abdul Majid, options on CPO futures will further complement its product offerings. It is also believed that such a facility will add more depth and flexibility to the hedging and trading requirements of industry participants. MDEx made a successful transition from open-outcry to electronic trading in December 2001. Post migration, the daily average volume has increased 85 per cent to 3,666 lots per day from 1,974 lots earlier. The total turnover on the CPO futures market during 2002 stood at 909,703 lots, representing an underlying notional volume of about 22.73 million tonnes of CPO traded. The daily average turnover has now risen to 4,892 lots and the open interest ended the year at 17,280 lots. There is optimism that in the current year, the total turnover will cross the one-million lot mark. Dr Lim Keng Yaik, Minister for Primary Industries, has asked the MDEx to design a contract for the lauric oils market in order to serve the interests of the oleo-chemical sub-sector. Indeed, he has invited Indonesia and the Philippines— two major producers of lauric oils— to contribute to the designing of the contract. In addition to CPO futures, MDEx offers the Kuala Lumpur Stock Exchange Composite Index futures; three-month Kuala Lumpur Inter-Bank Offered Rate; Interest Rate futures; and five-year Malaysian Government Securities futures. MDEx was formerly known as Kuala Lumpur Options and Financial Futures Exchange Bhd.
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