European vegoils Palm oil up on hopes for positive key data

ROTTERDAM: Palm oil on the European vegetable oils market was offered mostly firmer on Thursday in sympathy with Malaysian palm oil futures as speculators covered positions on hopes that fresh key supply/demand could turn out to be bullish.

"Palm oil was a bit up on belief that Friday's USDA US soybean and MPOB palm oil ending stocks could show smaller numbers. On the cash market in Europe both buyers and sellers were cautious, leaving a lacklustre picture," one broker said.

Palm oil was offered between $5 down and $5 up from Wednesday after Malaysian palm oil futures closed between 31 and 57 ringgit up with players eying fresh industry data due on Friday and Monday.

May/June RBD palm olein changed hands at $810 a tonne fob Malaysia, July/Sept traded $5 up at between $805 and $820 and Oct/Dec fetched $815 fob.

At 1730 GMT CBOT soyoil futures were between 0.21 and 0.34 cents per lb up, underpinned by a tight domestic cash market and stronger mineral oil values due to a dip in the dollar.

Liquid oils - soyoil, rapeoil and sunoil - were offered between three euros per tonne up and two euros down from Wednesday, mostly following CBOT soyoil futures, while gains were limited by weaker rapeseed futures and a weaker dollar, which weighs on euro-priced products.

EU rapeoil traded one euro down from Wednesday between 895 and 893 euros per tonne fob exmill and Aug/Oct changed hands at 880 euros fob.

Lauric oils were quoted between $5 and $15 a tonne up from Wednesday following palm oil and supported by a weaker dollar, which underpins dollar-priced material. Coconut oil changed hands at $850 a tonne cif Rotterdam for June/July. No business was reported in palmkernel oil.