Palm oil on the European vegetable oils market was offered in a tight range on Friday, as light gains in Malaysian palm oil futures on the back of firmer rival soyaoil were offset by expectations of a rise in Malaysian palm oil stocks in May. Asking prices for palm oil were between $2.50 a tonne higher and $5 lower, after Malaysian palm oil futures closed between five and 15 ringgit per tonne up, well off the day's lows.
At 1630 GMT, CBOT soyaoil futures were between 0.01 and 0.12 cents per lb higher because of technical factors, with Chicago traders selling soyameal futures and buying soyameal contracts. Weaker energy markets limited gains. EU rapeoil was quoted between unchanged and 5 euros per tonne up from Thursday, with old crop positions supported by end of season tightness and technicals.
Comments
Comments are closed for this article.