Palm oil on the European vegetable oils market rose on Tuesday, the first trading day following a four-day Easter weekend, on the back of two strong sessions in Malaysian palm oil futures. Palm oil futures, however, eased in a technical correction to two previous strong days, which echoed bullish March Malaysian palm oil exports and tracked gains in CBOT soyaoil following lower than expected US soyabean planting intentions.
Asking prices for palm oil were between $5 and $12.50 a tonne up from Thursday. Malaysian palm oil futures eased between 16 and 24 ringgit per tonne on the day. CBOT soyaoil futures were between 0.44 and 0.55 cents per lb higher by 1630 GMT, tracking gains in CBOT soyabeans on technical buying and pulled higher by firmer energy markets.
EU rapeoil followed the stronger trend in Chicago soyaoil futures, with asking prices between 10 and 13 euros up from Thursday. Stronger rapeseed futures, taking their cue from strength in CBOT soyabeans, and a firmer dollar, which underpinned euro-priced products, were also supportive. Lauric oils were offered between $7.50 and $20 a tonne higher, tracking the stronger levels in palm oil futures over the last three trading days.
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