Palm oil on the European vegetable oils market was offered mixed on Thursday as slightly easier Malaysian palm oil futures offset a slightly stronger tone in CBOT soyaoil futures. The market was slow overall as many players were absent visiting a trade dinner in the Netherlands this evening. Asking prices for palm oil were between $5 per tonne down and $5 a up from Wednesday after Malaysian palm oil futures closed between two and eight ringgit per tonne lower on the outlook of rising Malaysian palm oil production.
At 1630 GMT, CBOT soyaoil futures were between 0.09 and 0.14 cents per lb higher, tracking firmer Chicago soyabean futures on increased export demand for US supplies and declining Argentine production estimates. EU rapeoil was quoted between unchanged and two euros per tonne higher, tracking gains in CBOT soyaoil futures and supported by technical strength in rapeseed futures. A stronger dollar also underpinned euro-priced rapeoil.
Comments
Comments are closed for this article.