Markets

European vegoils mostly firmer ahead of key data

ROTTERDAM : The European vegetable oil market was mostly firmer on Friday in fairly thin trade ahead of fresh USDA and M

Published September 9, 2011 Updated September 9, 2011 07:53pm

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By Abdul Ahad

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"Liquid oils were up on the strong dollar against the euro while palm oil was higher on expectations that MPOB palm oil stocks will rise. Many players in Europe decided to hold back ahead of the fresh data," one broker said.

At 1630 GMT CBOT soyoil futures were between 0.15 and 0.40 cents per lb down on the strong dollar.

Liquid oils, soyoil rapeoil and sunoil, were offered between five and 13 euros per tonne up from Thursday on the strong dollar and higher rapeseed futures. EU rapeoil changed hands at 970 euros per tonne fob exmill for October delivery, Nov/Jan traded up at 975 euros and Aug/Oct was up five euros at 950 euros fob.

Palm oil was offered between $5 a tonne down to $2.50 up from Thursday after Malaysian palm oil futures closed 15 to 29 ringgit per tonne higher as speculators covered ahead of possible bullish MPOB data on Monday.

October delivery RBD palm olein traded unchanged from Thursday at $1,120 a tonne fob Malaysia, Jan/March traded $5 down at $1,090 and April/June changed hands between $1,092.50 and $1,097.50, up $10.

Lauric oils were offered between flat and $35 a tonne up from Thursday in thin trade with asking prices were hardly tested and no deals were reported.

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