Palm oil on the European vegetable oils market firmed on Tuesday, tracking stronger Malaysian palm oil futures on the back of an easier ringgit. A weaker ringgit supports futures because it makes palm oil cheaper for foreign buyers, which could boost export demand.
Asking prices for palm oil were between unchanged and $10 a tonne higher after Malaysian palm oil futures closed between 4 ringgit and 17 ringgit a tonne up. Gains were capped by weaker May 1-15 export figures. CBOT soyaoil futures were between 0.03 cents and 0.14 cents per lb lower at 1630 GMT, tracking weaker Chicago soyabeans on faster than expected US soyabean planting last week. Stronger energy markets limited losses.
EU rapeoil was quoted 2-3 euros a tonne up, tracking slightly firmer rapeseed futures and because of a strong dollar, which underpins products priced in euros. Lauric oils were quoted between unchanged and $20 a tonne down, pressured by a lack of buyers and a strong dollar, which weighs on dollar-priced products.
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