Palm oil on the European vegetable oils market was offered firmer on Wednesday, tracking stronger Malaysian palm oil futures, which rose on rising exports in October, and rival soyaoil. Asking prices for palm oil were between $5 and $10 a tonne up from Tuesday after Malaysian palm oil futures closed between 27 and 42 ringgit per tonne higher.
"Although Malaysian palm oil exports rose just over eight percent during the first 25 days of October. That was a little down from the Oct 1-20 number, which does not call for too much optimism for the full month," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.02 cents per lb down and 0.06 cents up, supported by technical buying in Chicago soyabeans. The outlook for ample soyabean supplies and good progress in the US soyabean harvest limited gains.
EU rapeoil was mostly offered between two euros per tonne lower and two euros higher, supported by technicals, improved demand and stronger rapeseed futures. Gains were offset by a weaker dollar, which weighs on euro-priced products. Nov/Dec coconut oil traded $25 a tonne up at $1,550 a tonne, after which sellers of front positions vanished. More deferred contracts were offered around $30 a tonne higher. Palmkernel oil was offered between $5 and $10 a tonne up, finding support from stronger palm oil and underpinned by dollar weakness.
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