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KUALA LUMPUR: Bursa Malaysia Derivatives Bhd has completed the first physical delivery of its East Malaysia crude palm oil futures contract (FEPO), with a total of 10 contracts, representing 250 tonnes of crude palm oil (CPO) transacted at one of the approved port tank installations (PTIs) in Bintulu, Sarawak.

The exchange said the PTI is operated by Biport Bulkers Sdn Bhd, a wholly owned subsidiary of Bintulu Port Holdings, which is a public listed company that manages and operates the vegetable oil bulking terminal that caters for the rapidly growing palm oil industry in Sarawak.

It said the first physical delivery was completed on June 10.

"The physical deliveries under the FEPO contract have successfully taken place in all three PTIs in East Malaysia, namely Sandakan, Lahad Datu and Bintulu,” it said in a statement today.

Chief executive officer of Bursa Malaysia Derivatives Samuel Ho said the FEPO, which was launched in October 2021, aims to provide an effective instrument for physical players and participants in the East Malaysia palm oil market to manage price risk, particularly in a highly volatile environment.

"I am delighted to see the first successful physical delivery in Sarawak, which demonstrates the industry’s recognition of FEPO as a platform for alternative price discovery in East Malaysia,” he said.

The CPO futures markets of Bursa Malaysia have seen increased participation due to the recent price volatility in palm oil and the FEPO contract reached a new daily trading volume high of 186 contracts, equivalent to 4,650 tonnes of CPO on May 6.

According to the exchange, Bursa Malaysia Derivatives was the first exchange in the world to offer physically delivered commodity derivatives contracts with sustainable requirements mandated for delivery.

"All physical deliveries made under its crude palm oil futures (FCPO) and FEPO contracts must be sourced from palm oil mills that meet the Oil Palm Management Certification under the Malaysian Sustainable Palm Oil Certification Scheme's requirements.

"These commitments are in line with the exchange’s efforts to foster sustainable development through its product offerings and across the entire value chain,” it added. - Bernama