US cash palm oil prices were slightly higher on Thursday September 5, tracking a late-day rally in benchmark Malaysian palm oil futures.
Fastmarkets assessed the price of palm oil, RBD, fob US Gulf, at 53.50-53.75 cents per lb on Thursday, up from a range of 53.00-53.50 cents per lb the day before.
Palm oil futures on the Bursa Malaysia Exchange shook off early losses on Thursday to end the session higher, on expectations for stronger exports and strength in outside markets.
The November palm oil contract settled at 3,917 Malaysian ringgit ($899) per tonne, increasing by 31 ringgit per tonne, 0.8%, from a close of 3,886 ringgit per tonne on Wednesday.
In the past few weeks, palm oil and derived products prices have maintained a general upward trajectory, and remain at a sharp premium to most other vegetable oils, animal fats and waste oils.
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