Prices for physical palm oil continued to climb in the week to Wednesday October 23, still maintaining a sharp premium to most other vegetable oil and animal fat prices.
At midweek, Fastmarkets assessed the spot price of palm oil, RBD, fob US Gulf at 59.00-59.50 cents per lb, up from 57.00-57.25 cents per lb a week earlier.
Since the beginning of this year, Gulf cash palm oil prices have jumped by about 35% to reach their highest level since the end of June and beginning of July 2022.
Palm oil futures on the Bursa Malaysia Exchange rallied to a two-year high on Wednesday. Funds were active buyers due to expectations of a seasonal decline in production and stockpiles in Malaysia and Indonesia. Gains in US soybean oil futures prices overnight also boosted the palm oil market at midweek.
Palm oil stocks in Malaysia are expected to drop in October to below 2 million tonnes due, in part, to higher exports.
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