ROTTERDAM: Palm oil prices jumped early on Wednesday in the European vegetable oil market on hopes for good exports and for a solution to the euro debt crisis but eased later following a fall in Chicago, market sources said.
"The European cash market followed palm oil futures, but from the buying side there was little urge to follow the uptrend, still believing the market is overpriced and also expecting palm oil stocks to continue to rise despite somewhat better exports," one broker said.
Palm oil was offered between $5 and $12.50 a tonne up from Tuesday after Malaysian palm oil futures closed up between 20 and 61 ringgit per tonne on good export hopes and nearby technical covering.
November delivery RBD palm olein changed hands at $987.50 a tonne fob Malaysia, while Jan/June traded at $980, April/June traded up $17.50 at between $982.50 and $987.50 and July/Sept fetched $982.50 fob.
At 1630 GMT CBOT soyoil futures were between 0.50 and 0.85 cents per lb down on technical selling on harvest pressure and on profit-taking following recent gains.
Liquid oils were offered around 5 euros per tonne down from Tuesday in line with CBOT soyoil and sharply lower rapeseed futures. EU rapeoil changed hands between 933 and 925 euros a tonne fob exmill for Feb/April.
Lauric oils were offered between $20 and $35 a tonne up from Tuesday following gains in palm oil and a weak dollar, which supports dollar-priced products. Nov/Dec palmkernel oil changed hands at $1,080 a tonne cif Rotterdam, while no business was seen in coconut oil.
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