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PME spot prices in Asia fell this week

July 01/2011

(ICIS) -- Palm methyl ester (PME) spot prices in Asia fell this week, dragged down by declining values of feedstock crude palm oil (CPO), with the market weakness likely to persist in the weeks ahead, industry sources said on Friday.


PME was trading at USD 1.170-1.190/tonne (EUR 807-812/tonne) FOB (free on board) SE (southeast) Asia on Friday, down USD 40/tonne from the previous week, while CPO for July delivery was at USD 1.029/tonne.


CPO prices started to fall early last week after official data showed a 13.7% month-on-month spike in May production to 210,243 tonnes.


УThe increase in CPO production in May has exerted downward pressure on CPO prices,Ф a Singapore based palm oil trader said.


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