May 16 (Bloomberg) -- Crude palm-oil futures traded a record 63,019 contracts on the Malaysia Derivatives Exchange today, surpassing the previous all-time high of 48,741 contracts on Nov. 17, the bourse said.
“This is attributed to increased hedging activities resulting from the volatility and uncertainty” in global markets, it said in a statement sent by e-mail.
The size of each contract is 25 metric tons. That means that the exchange traded 1.58 million tons of crude palm oil today, or 24 percent more than April production in Malaysia, the world's second-biggest producer, according to Bloomberg calculations.
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