ROTTERDAM: Asking prices for palm oil on the European vegetable oil market rose again on Monday as euro debt zone concerns eased and on expectations that rains could curb production, market sources said."Palm oil futures were very positive and jumped around 60 ringgit, but asking prices in Europe eased from the highs as cash dealers were not so optimistic about demand and buyers believed the market is way overpriced considering the poor health of the global economy," one broker said.
Palm oil was offered between $10 and $25 a tonne up from Friday after Malaysian palm oil futures closed between 30 and 75 ringgit per tonne up on expectations that La Nina rains will cut back production, while fading fears of an economic meltdown in Europe could show a recovery in demand.
December delivery March RBD palm olein traded $32.50 up from Friday at $1,078.50 and $1,080 a tonne fob Malaysia, Jan/March traded $17.50 up between $1,060 and $1,070 and April/June changed hands between $1,055 and $1,065, up $20.
At 1730 GMT CBOT soyoil futures were between 0.04 cents per lb up and 0.04 cents down, supported by talk that China is seeking US soybeans while weaker corn and wheat, plus a strong dollar and easier mineral oil, limited gains.
Liquid oils were offered between six euros per tonne up and five dollars down from Friday, supported by the strong dollar that supports euro-priced products, while easier mineral oil and barely steady rapeseed futures weighed on asking prices. Buyers showed little interest and no business was reported.
Lauric oils were offered $35 to $40 a tonne up from Friday, reflecting strength at origin on worries for tight supplies, but buyers in Europe were not keen on buying at the current levels. No deals were seen.
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