Palm oil on the European vegetable oils market rose on Tuesday, underpinned by bargain buying in Malaysian palm oil futures. Asking prices for palm oil were between unchanged and $7.50 per tonne higher after Malaysian palm oil futures closed between 30 and 49 ringgit per tonne up, also supported by a weaker ringgit, as it makes palm oil cheaper for foreign buyers and can boost export demand.
At 1630 GMT, CBOT soyaoil futures were between unchanged and 0.04 cents per lb up on bargain buying after recent declines and due to technical strength in Chicago soyabean futures. EU rapeoil was quoted between one euro per tonne up and two euros down from Monday with the May/July and August/October positions contracts slowly getting closer. Currently new crop August/October is six euros more expensive than old crop May/July, which is unusual. May/July has been pressured recently because of the influx of Argentine and Indonesian biodiesel.
Lauric oils were offered between $20 and $55 a tonne higher, supported by gains in palm oil and underpinned by recent buying interest when prices dropped substantially to find buyers.
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