Markets

Palm oil firmer on export hopes

ROTTERDAM : Palm oil prices rose slightly on the European vegetable oil market on Friday on hopes for improved demand, m

Published May 27, 2011 Updated May 27, 2011 05:01pm

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By Muhammad Iqbal

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"Malaysian palm oil futures were up a bit on the belief that demand could improve, but Europeans did generally not buy the higher levels, expecting growing stocks to start pressure prices soon," one broker said.

Palm oil was mostly offered flat to $7.50 a tonne up from Thursday after Malaysian palm oil futures closed between three and 27 ringgit higher on a higher demand outlook.

July delivery RBD palm olein traded $2.50 up from Thursday at $1,207.50 and $1,210 a tonne fob Malaysia, Aug/Sept fetched at $1,190 and $1,192.50, Oct/Dec traded $10 up from $1,1155 to $1,160 and Jan/March changed hands at $1,150 and $1,152.50 fob.

At 1630 GMT CBOT soyoil futures were between 0.17 and 0.22 cents per lb down in a mild technical correction from recent gains.

Liquid oils were offered flat to seven euro per tonne up from Thursday mostly on the back of Thursday's strong CBOT soyoil close. Aug/Oct EU rapeoil changed hands at 1,020 euros per tonne fob exmill, down six euros from Thursday and Nov/Jan traded unchanged, also at 1,020 euros.

Lauric oil were offered flat to $40 a tonne up from Thursday on the back of a strong dollar and hopes for follow-through demand, but buyers were holding back and no deals were reported.

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