Tracking this week’s bounce in palm oil futures markets, palm oil and olein cash prices continued to move higher in the week to Friday September 20.
On Friday, Fastmarkets assessed the price of palm oil, RBD, fob US Gulf at 54.25-55.25 cents per lb, up from 53.00-53.50 cents per lb a week earlier.
Fastmarkets assessed the price of palm olein, RBD, fob US Gulf at 54.50-55.50 cents per lb on Friday, up from 53.50-54.00 cents per lb on September 13.
Gulf palm oil and olein prices were up by 4.3% on the month and by 23% on the year.
On the Bursa Malaysia Exchange, palm oil futures climbed for a third consecutive session on Friday. The price gains were attributed to strength in other edible oil markets, stronger-than-expected exports and bullish price and market outlooks by several major analysts at an industry conference this week in India.
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