Palm oil on the European vegetable oils market was mixed on Thursday ahead of a long weekend, with pressure from a weaker ringgit and stronger dollar countered by improved nearby demand. Asking prices for palm oil were between $5 a tonne higher and $5 lower after Malaysian palm oil futures closed between 5 ringgit and 14 ringgit a tonne down on weakening demand.
The European market will be closed on Friday for the Kings Day holiday in the Netherlands. CBOT soyaoil futures were between 0.04 a tonne down and 0.09 cents up at 1630 GMT, supported by technical buying in Chicago soyabean futures and underpinned by firmer energy markets.
Old-crop EU rapeoil for May/July delivery was quoted 6 euros a tonne higher, while now-crop positions were 2-3 euros higher, closing the spread between May/July and Aug/Oct to even money. Firmer new-crop rapeseed futures and stronger energy markets were supportive. Lauric oils were offered between $10 a tonne down and $20 up from Wednesday. Lack of aggressive sellers underpinned prices, while buyers were mostly absent. The spread between coconut oil and the cheaper palmkernel oil was $105 a tonne for May/June shipment.
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