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European vegoils quietly mixed, dealers looking for leads

vegetableoil2ROTTERDAM: The European vegetable oil market was quietly mixed on Thursday with players looking for clear leads with palm oil futures barely changed ahead of fresh export data, soyoil futures easier on profit taking and mineral oil up.

 

* "Both sides of the market were mostly holding back waiting for new palm oil export data and the outcome of the Bali convention, which will give fresh ideas from leading market analysts for what the future holds on palm oil," one broker said.

 

* Palm oil was offered between $7.50 a tonne up from Wednesday and $5 up after Malaysian palm oil futures closed between 10 ringgit per tonne up and eight ringgit down with players waiting for Friday's November palm oil exports.

 

* Jan/March RBD palm olein traded $2.50 a tonne up from Wednesday between $811 and $820 a tonne fob Malaysia, Feb/April fetched $925 and April/June changed hands between $845 and $850, up $5.

 

* At 1700 GMT CBOT soyoil futures were 0.12 and 0.21 cents per lb down on profit taking following recent gains, mostly ignoring gains in mineral oil.

 

* Liquid oils - soyoil, rapeoil and sunoil, were offered between flat and four euros up from Wednesday in sympathy with soyoil futures, while a weaker dollar, which weighs on euro -prices products and easier rapeseed futures limited gains. 

 

* EU sunoil changed hands at $1,260 a tonne extank for Jan/March and $1,252.50 was paid for April/June. Jan/March also was switched into April/June plus $10.

 

* Lauric oils were offered between unchanged and $20 per tonne down, mostly following rivals soyoil and palm oil, but asking prices were hardly tested and no deals were reported.

 

Copyright Reuters, 2012