European vegoils: palm oil rises further on strong markets

Palm oil on the European vegetable oils market rose further on Wednesday on technical strength in futures markets and renewed strength in energy markets. "Most markets were rising in the past couple of days, commodities, energy and equities, which lifted the vegetable oils as well. But most products on the cash market ended off the day's highs," one broker said.
Palm oil was offered between unchanged and $10 a tonne higher from Tuesday after Malaysian palm oil futures closed between 16 and 22 ringgit per tonne higher, tracking a rally in rival vegetable oils. At 1630 GMT CBOT, soyaoil futures were between 0.24 and 0.53 cents per lb lower with CBOT traders selling soyaoil contracts and buying back soyameal futures. EU rapeoil was quoted between flat and 3 euros per tonne lower from Tuesday, tracking the trend in Chicago soyaoil. Firmer energy markets and stronger rapeseed futures limited losses.