Palm oil on the European vegetable oils market edged up on Tuesday, tracking slightly firmer Malaysian palm oil futures, which were supported by a weaker ringgit and bargain buying. Asking prices for palm oil were between unchanged and $2.50 a tonne higher after Malaysian palm oil futures closed between three ringgit per tonne down and nine ringgit up. A lower ringgit could boost export demand as it makes palm oil cheaper for foreign buyers.
At 1630 GMT, CBOT soyaoil futures were between 0.12 and 0.17 cents per lb lower on technical selling. CBOT dealers were buying soyameal contracts, supported by USDA export inspections that showed some shipments headed to China despite the trade war with the United States, and selling soyaoil futures.
Asking prices for EU rapeoil rose between three and 10 euros per tonne, underpinned by technicals and short covering on nearby positions. Lauric oils were quoted between $10 a tonne lower and $17.50 higher with few sellers offering material, while the gap with most buyers was around $30. Firmer palm oil supported prices.
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