ROTTERDAM: Palm oil on the European vegetable oil market firmed on Monday on hopes Greece can avoid a default after passing an austerity bill, market sources said.
"Cautious optimism that the bill passed by the Greek parliament on Sunday could be a turning point in the euro debt crisis, which could be supportive to prices. Buyers, however, were still cautious and were mostly holding back," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.06 and 0.25 cents per lb up on a weak dollar and higher mineral oil prices.
Liquid oils - soyoil, sunoil and rapeoil - were offered between two and five euros per tonne up from Friday, following Chicago soyoil, better mineral oil prices and firmer rapeseed futures with only Nov/Jan EU rapeoil traded at 955 euros per tonne fob exmill, up two euros from Friday.
Palm oil was offered between $10 and $20 a tonne up from Friday, with a weaker dollar supporting dollar-priced products after Malaysian palm oil futures closed between 19 and 61 ringgit per tonne up on hopes the Greek bill passed could aid demand.
April/June RBD palm olein changed hands between $1,080 and $1,085 a tonne fob Malaysia, up $12.50 from Friday, and July/Sept fetched between $1,078.50 and $1,081, up $8.50.
Lauric oils were offered between $10 and $20 a tonne up from Friday on the back of a weaker dollar and because of the strength in palm oil. May/June palmkernel oil changed hands at $1,350 a tonne cif Rotterdam, while no business was reported in coconut oil.
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