Palm oil on the European vegetable oils market firmed on Thursday because of bargain buying in Malaysian palm oil futures and because of a mild downward correction of the ringgit. Asking prices for palm oil were mostly between $2.50 and $7.50 per tonne higher after Malaysian palm oil futures closed between 30 and 41 ringgit per tonne up. "Apart from currencies and technicals there are not many fresh leads to give the market a proper direction," one broker said.
At 1730 GMT, CBOT soyaoil futures were between 0.15 and 0.38 cents per lb lower because of technical selling and due to forecasts for beneficial rains in Argentine soyabean growing areas. Easier energy markets also weighed. EU rapeoil was quoted between unchanged and six euros per tonne higher on improved technical demand for 2018 positions. A firmer dollar and technical gains in rapeseed futures also underpinned euro-priced rapeoil.
Lauric oils were mostly offered between unchanged and $20 a tonne up from Wednesday, tracking gains in palm oil and supported by a weaker dollar, which underpins products priced in that currency. The spread between coconut oil and the cheaper palmkernel oil was $130 a tonne for December/January shipment.
Comments
Comments are closed for this article.