ROTTERDAM: Asking prices on the European vegetable oil market were mostly higher on Thursday as markets reacted positively to solutions reached to solve the euro debt crisis, market sources said.
"The results in Brussels last night to save the euro was seen positive by most markets and the European cash market followed, but gains were not as large because of weakness the day before. We saw some activity as some buyers covered in anticipation markets could firm even further in the near future," one broker said.
At 1630 GMT CBOT soyoil futures were between 1.35 and 1.57 cents per lb up on the euro debt crisis solution, higher mineral oil and because of a weaker dollar against the euro.
Liquid oils, soyoil, sunoil and rapeoil, were offered between flat and three euros per tonne up from Wednesday following CBOT soyoil and firmer rapeseed futures, but gains were limited by the weak dollar, which weighs on euro-priced products. Feb/April EU rapeoil traded between 925 and 935 euros per tonne fob exmill and May/July changed hands at 925 euros.
Palm oil jumped $15 to $20 a tonne up from Wednesday when Malaysian markets were closed aided by the weak dollar and rival soyoil after Malaysian palm oil futures closed between 12 and 30 ringgit per tonne high.
Jan/March RBD palm olein changed hands between $1007.50 and $1,025 a tonne fob Malaysia and April/June fetched between $1,010 and $1,027.50 fob.
Lauric oils followed the trend in rivals palm and soyoil and because of a weak dollar which supports dollar-priced products, with asking prices around $25 up from Wednesday. Coconut oil was hardly discussed, while Nov/Dec palmkernel oil changed hands at $1170 a tonne cif Rotterdam.
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