ROTTERDAM: Asking prices on the European vegetable oil market moved up a little on Friday on technical covering ahead of the weekend and a weaker dollar, market sources said.
"Business was thin due to lack of leads and buyers holding back mostly because of weakness in mineral oil," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.24 and 0.37 cents per lb up on technical buying because of fears of drought in South American soybean growing areas.
Liquid oils, soyoil, sunoil and rapeoil, were quoted flat to eight euros per tonne up from Thursday, on the back of steadier rapeseed futures. EU rapeoil changed hands at 939 a tonne fob exmill, July/Sept traded two euros up from Thursday at 933 euros and Nov/Jan fetched 905 euros, up five euros.
Palm oil was offered between $2.50 and $7.50 a tonne up from Thursday after Malaysian palm oil futures closed between unchanged and 27 ringgit per tonne up on technical buying on fears that wet wreathing will cut production and in a speculative effort to support long positions.
April/June RBD palm olein traded $10 up from Thursday between $1,017.50 and $1,015 a tonne fob Malaysia and July/Sept changed hands between $1,007.50 and $1,002.50, up $2.50.
Lauric oils were offered between $10 up and $10 down from Thursday, mostly following the trend in palm oil, but asking prices were hardly tested and no deals were reported.
Comments
Comments are closed for this article.