ROTTERDAM: Palm oil on the European vegetable oil market was offered firmer on Tuesday on the back of a deal in the Greek debt saga and on hopes for an increase in Chinese demand, market sources said.
"Several have been strong ahead of a deal to help Greece markets, and now the deal was done we saw some expected 'selling the fact', which pushed the higher levels from early in the day a bit down," one broker said.
Palm oil was offered between $2.50 and $10 a tonne up from Monday after Malaysian palm oil futures closed between 15 and 26 ringgit per tonne up on hopes for more Chinese purchases and the Greek debt deal, which eased economic fears across the globe.
April/June RBD palm olein changed hands between $1,107.50 and $1,115 a tonne fob Malaysia, up $10 from Monday, while July/Sept traded $8 up from $1,102.50 up to $1,113 and Oct/Dec fetched $1,098.50 fob.
At 1730 GMT CBOT soyoil was between 0.09 and 0.35 cents per lb up on continued strength in mineral oil.
Liquid oils - rapeoil, sunoil and soyoil - were offered 2 and 9 euros per tonne down from Monday in a technical correction to recent gains to attract buying interest.
May/July EU rapeoil changed hands at 973 euros per tonne fob exmill. Aug/Oct traded between 969 and 971 euros, and between 965 and 967 euros were paid for Nov/Jan.
Lauric oils were offered between $5 a tonne down and $10 up from Monday, mostly in line with the trend in palm oil futures, but buyers showed no interest and no deals were reported.
Comments
Comments are closed.