Most products on the European vegetable oils market rallied on Thursday, tracking sharply higher equities and energy markets as concerns eased about the Chinese economy after a rally in Chinese stocks. "Outside markets pushed prices up, but there was no glut of trade as many buyers were not convinced the turnaround is structural," one broker said. "They need some days of steady price gains to consider entering the market. Too much volatility, like recently, will discourage end-users."
At 1730 GMT CBOT soyaoil futures were between 0.54 and 0.85 cents per lb higher, also lifted by better than expected weekly US soyabean export sales and a rally in mineral oil. Liquid oils - soyaoil, rapeoil and sunoil - were offered between 2 and 12 euros per tonne up in sympathy with a rally in both Chicago soyaoil futures and European rapeseed futures. A stronger dollar also underpinned products quoted in euros.
Palm oil was mostly offered between $15 and $32.50 a tonne up from Wednesday, tracking global equity and commodities markets and as the recent selloff brought down palm prices to an attractive level for buyers to cover short positions, or do some cherry picking. Lauric oils were hardly offered as both sellers and buyers were holding back, watching to see how other products were developing. Quotes were around $20 a tonne up from Wednesday without serious negotiations.