Physical prices for palm oil and products were higher this week, in step with a midweek rally in Malaysian palm oil futures. Indications for palm oil and olein in the U.S. Gulf topped 50 cents per pound, their highest levels in eight months since July 2023.
At the futures market, the benchmark May palm oil futures on the Bursa Malaysia ended at a multi-month high above 4,000 ringgit per tonne on Wednesday. The contract settled at 4,085 ringgit per tonne, up 95 ringgit per tonne, or 2.4 percent. Bullish comments from a market analyst helped to push the market sharply higher today.
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