Palm oil prices rose on Europe's vegetable oils market on Thursday after a two-week high for Malaysian futures, but sellers later trimmed their offers to stir some demand. Malaysian palm oil futures rallied on the back of a falling ringgit and signs that the El Nino weather phenomenon could already be hurting production in East Malaysia.
A slight bounce in US soyaoil and crude mineral oil after losses on Wednesday also lent support to edible oils markets. Crude palm oil in Europe was offered up to $15 a tonne higher from Wednesday early in the session, but by the end of the day seller prices were unchanged to $2.50 higher. Traders reported a couple of afternoon deals in crude palm oil, as well as clutch of trades in palm olein. In liquid oils, odd deals were also cited in rapeoil and sunoil.
Comments
Comments are closed for this article.