Palm oil on the European vegetable oils market was mixed on Thursday as participants digested news that China plans to slap a 25 percent import duty on US soyabeans. Asking prices for palm oil were between $5 higher and $5 lower, pressured by a sharp overnight fall in CBOT soyaoil futures but supported by stronger futures.
Malaysian palm oil futures closed between 14 and 18 ringgit higher on expectations that Malaysian palm oil ending stocks fell in March and on the view that the Chinese tariffs on US imports could support demand for palm oil. At 1600 GMT, CBOT soyaoil futures were between 0.03 cents per lb down and 0.05 cent up in a mild rebound from Wednesday, when the soyaoil contract dropped as much as 0.66 cent.
EU rapeoil was quoted between two and four euros per tonne higher, tracking gains in rapeseed futures which were driven by stronger Chicago soyabeans and hopes that China's planned tariff on US soyabeans would boost demand for EU exports. Lauric oils were offered between $12.50 and $30 a tonne higher, underpinned by underlying demand and supported by gains in palm oil futures.
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