ROTTERDAM: Asking prices on the European vegetable oil market were mixed on Monday as Friday's rally in Chicago and a correction on Monday due to talk of Chinese cancellations provided contrasting leads, market sources said.
"Although USDA (US Department of Agriculture) supply/demand figures on Friday were seen bearish, strong mineral oil caused technical covering. Buyers were not impressed and held back and saw their ideas confirmed when CBOT dropped just as hard as it went up on Friday on talk of Chinese cancellations," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.76 and 1.08 cents per lb down, along with soybeans, on talk that China was about to cancel soybean cargoes.
Liquid oils were offered between 7 euros per tonne up and 10 euros down from Friday, supported by strong mineral oil values and Friday's rally in Chicago, but lower rapeseed futures and a weaker dollar weighed on euro-priced products. Bids were scarce as buyers waited for the market to bottom out.
Palm oil was offered $5 a tonne up and $2.50 down from Friday on a weak dollar after Malaysian palm oil futures closed up between 3 and 38 ringgit per tonne on strong mineral oil, but gains were limited by prospects for growing palm oil stocks.
May delivery RBD palm olein changed hands at $1,175 and $1,177.50 a tonne fob Malaysia, down $2.50 from Friday, July/Sept traded $12.50 up at $1,180 and Oct/Dec traded $22.50 at $1,170 and $1,175, up $22.50.
June delivery crude palm oil fetched $1,172.50 a tonne cif Rotterdam and July/Sept traded $5 up at $1,165 cif.
Lauric oils were offered $20 to $30 a tonne up from Friday on the back of the weak dollar, which supported dollar-priced products. Bids were scarce and no deals were reported.
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