Spot US palm oil and olein prices clawed higher again in the week to Wednesday October 30, hitting highs above 60.00 cents per lb, levels not seen in more than two years since July 2022.

On Wednesday, Fastmarkets assessed the price of palm oil, RBD, fob US Gulf at 60.50-61.00 cents per lb, up from 59.00-59.50 cents per lb a week earlier.

Fastmarkets assessed the price of palm olein, RBD, fob US Gulf at 60.75-61.25 cents per lb on Wednesday, increasing from 59.25-59.75 cents per lb on October 23.

In the last year, Gulf palm oil and olein prices have jumped by more than 36%.

The cash market has been advancing since early August, in step with ongoing gains in the palm oil futures market.

On the Bursa Malaysia Exchange, benchmark palm oil futures rose at midweek amid strength in rival vegetable oil markets and expectations for a seasonal decline in production and increased export demand.

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