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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