Palm oil on the European vegetable oils market rose on Tuesday following a stronger ringgit and because of firmer energy prices. "The higher ringgit made palm oil more expensive for foreign buyers, which caused a price rise in Europe's cash market, while palm oil futures eased on export concerns," one broker said.
Palm oil was mostly offered between unchanged and $5 a tonne higher on the back of the firm ringgit, while Malaysian palm oil futures closed between three and nine ringgit per tonne down as the strengthening ringgit eventually weighed on prices. At 1730 GMT CBOT soyaoil futures were between 0.48 and 0.58 cents per lb higher on firmer energy prices and because of slow movement of soyabeans as farmers were reluctant to sell newly harvested crops at current levels.
EU rapeoil was offered between five and nine euros per tonne up, tracking CBOT soyameal and the hike in energy markets, while stronger rapeseed futures also supported oil prices. Lauric oils were quoted between $5 and $25 a tonne up from Monday, tracking rival soyaoil and especially palmkernel oil supported by the strength of the ringgit. Recent gains in prices caused some demand for material for early and mid-2016 delivery.
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