European vegetable oil prices were mixed on Friday as the market adjusted to exchange rate movements and an easing in Malaysian palm oil futures after a rally this week. Activity was very light as many traders stayed away from their desks after Thursday's Ascension Day holiday in several European countries. The European market digested a slight fall in Malaysian palm oil futures after a five-week high, together with a halting recovery in the dollar from multi-month lows.
Broad weakness in the dollar, which regained some ground against the euro following a three-month low on Thursday before easing back again, lent support to oils priced in the US currency. Competitively priced palm olein continued to draw some buyers and one trade was cited in crude palm oil (see below), but there was no significant dealing reported in other products.
Palm olein for July/September shipment was offered up $7.50 a tonne from Wednesday at $637.50 a tonne, fob Malaysia, by the end of the session, while crude palm oil for the same period was up $2.50 at $665 a tonne, cif Rotterdam. In liquid oils, rapeoil was offered between 1 euro and 4 euros lower from Wednesday, depending on the delivery position, as the strength in the euro offset firm US soyaoil futures.
Comments
Comments are closed for this article.