AMSTERDAM: Palm oil prices in the European vegetable oils market rose on Monday in line with higher mineral oil and were further supported by concerns that floods in Malaysia, the number two palm oil producer, could cause supply disruptions, traders said.
"Fear of supply disruptions in Malaysia because of heavy rainfall in some parts coupled with hopes that the EU debt crisis can be solved led to higher palmoil prices," one trader said.
At 1730 GMT CBOT soyoil futures were between 0.23 and 0.53 cents per lb up on a weaker dollar which makes dollar priced products more attractive for buyers.
Liquid oils, soyoil, sunoil and rapeoil, were offered between seven and 15 euros per tonne up from Friday following CBOT soyoil and mineral oil.
EU rapeoil changed hands at 938 and 943 a tonne fob exmill for Feb/April, and May/Jul traded at 935 euros fob.
Palm oil was offered between $12.50 and $15 a tonne up from Friday after Malaysian palm oil futures closed between 33 and 69 ringgit per tonne up on worries that weekend floods could cause supply disruptions.
Heavy rains over the weekend triggered floods in some areas of Malaysia's Perak state and the Sarawak region in Borneo island that together account for about 10 to 15 percent of national palm oil production.
Jan RBD palm olein changed hands at $1,090 a tonne fob Malaysia, up $15 from Friday and April/June traded from $1,045 to $1,055 a tonne, also up $15 from Friday.
Coconut oil was offered up $20 a tonne from Friday. Apr/May coconut oil changed hands at $1,450 a tonne cif Rotterdam, the same as May/June contracts.
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