ROTTERDAM: Palm oil on the European vegetable oil market were offered firmer on Wednesday on expectations by key analysts on the Price Outlook conference in Kuala Lumpur this week that crude palm oil could rise to 4,000 ringgit in the first half of 2012, market sources said.
"Both Dorab Mistry and Thomas Mielke expect crude palm oil to rise to around 4,000 ringit from the current 3,250 on improved demand. Buyers on the European cash market already expected bullish talk during the Price Outlook and were not very impressed, which showed in a dull market with little fresh business," one broker said.
Palm oil was offered between $2.50 and $10 a tonne up from Tuesday after Malaysian palm oil futures closed between five and 38 ringgit per tonne up on the back of bullish analysis at the Price Outlook conference.
April/June RBD palm olein changed hands at $1,120 a tonne fob Malaysia and July/Sept traded from $1,115 up to $1,122.50 fob.
At 1730 GMT CBOT soyoil was between 0.10 and 0.19 cents per lb down on technical selling ahead of Friday's fresh USDA crop and supply/demand data.
Liquid oils - rapeoil, sunoil and soyoil - were mostly offered between unchanged and seven euros per tonne up on a strong dollar, which supports euro-priced products and gains in mineral oil, but asking prices were hardly tested in rape and soyoil. EU sunoil changed hands at $1,245 a tonne extank for July/Sept and Oct/Dec traded at $1,235.
Lauric oils were offered between unchanged and $15 a tonne up from Tuesday, mostly on the back of stronger levels in rival palm oil. Buyers showed little interest and no deals were reported.
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