Palm oil on the European vegetable oils market rose further on Tuesday on expectations of sharply lower output in the southern part of Malaysia, which lifted palm oil futures. "Malaysian palm oil futures were up again on concerns over lower output, some 20 percent down in the first 20 days of December in the state of Johor. On the other side, exports in that same period were down by around 25 percent," a broker said.
"The cash market followed the trend in Malaysia and moved up without finding much buying interest as players are winding down for Christmas." Palm oil was mostly offered between $2.50 and $12.50 a tonne up from Monday after Malaysian palm oil futures closed between 18 and 30 ringgit per tonne up, buoyed by low production data from a regional palm oil association.
At 1730 GMT CBOT soyaoil futures were between 0.07 and 0.16 cents per lb down in quiet trade on technical selling, with losses limited by dry weather in parts of Brazil. EU rapeoil was offered between three and seven euros per tonne down, tracking easier CBOT soyaoil and weaker rapeseed futures. A weaker dollar also weighed on prices. Lauric oils were offered $7.50 to $10 a tonne up, following the trend in palm oil and supported by the weaker dollar. Offerings were scarce and buying interest low. The premium of coconut oil over palmkernel oil was around $270 a tonne.
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