Gulf palm oil, olein prices flat to down, but retain premium to fats

Gulf palm oil, olein prices flat to down, but retain premium to fats

Spot prices for US Gulf palm oil and olein were flat to lower during the pricing session on Friday September 13, following a week of sideways trading on the Bursa Malaysia Exchange.

Benchmark November palm oil futures settled at a three-week low on Friday as a result of profit-taking by funds, due to lower exports and rising production levels.

The November contract ended the Friday session at 3,814 Malaysian ringgit ($879) per tonne, down by 38 ringgit per tonne, 1%, from a close of 3,852 ringgit per tonne on Thursday.

Fastmarkets assessed the price of palm oil, RBD, fob US Gulf, at 53.00-53.50 cents per lb, down from 53.25-53.25 cents per lb on September 12. But the price was up by more than 3% month on month and by 16% year on year.

On Friday, the price of palm olein, RBD, fob US Gulf, was 53.50-54.00 cents per lb, also steady on the day. The current price was up, however, by about 4% on the month and by 15.6% on the year.

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