Prompt EU rapeoil on the European vegetable oils market soared on Friday because of technical buying and due to a dip in the euro versus the dollar. "There are many shorts in the market and crushers are working on full capacity, so it is hard to find material for nearby delivery," one broker said.
Asking prices for November delivery rallied by 40 euros to 825 euros, while more deferred positions were offered between five and eight euros higher. Stronger rapeseed futures, tracking gains in CBOT soyabean futures, also added to the strength in rapeoil. Asking prices for palm oil were mostly between unchanged and $2.50 a tonne up from Thursday supported by firmer rival soyaoil after Malaysian palm oil futures closed between four ringgit per tonne lower and 10 ringgit higher, giving up most early gains as profit-taking emerged and the market was cautious ahead of export data due early next week.
At 1630 CBOT soyaoil futures were between 0.17 and 0.27 cents per lb higher, supported by technical buying and because of a rally in energy markets. Coconut oil was offered around $5 a tonne down when sellers were willing to lower their levels to buyers' ideas following gains early in the day on worries over tight copra supplies. Palmkernel oil was quoted between unchanged and $10 a tonne higher, tracking stronger palm oil. The spread between coconut oil and the cheaper palmkernel oil widened to $170 a tonne for November/December shipment.
Comments
Comments are closed for this article.