ROTTERDAM: The European vegetable oils market rebounded on Thursday as futures rallied on fears of tight old crop supplies and because of bargain hunting following recent losses.
"Asking prices were generally higher on the European cash market as players were hunting for bargains. The market remained calm due to lack of participation with many players visiting Rotterdam for the annual Nofota (Netherlands Oils, Fats and Oilseeds Trade Association) dinner," one broker said.
At 1630 GMT CBOT soyoil futures were between 0.03 and 0.30 cents per lb up on an optimistic USDA export sales report, worries over tight old crop soybean stocks and because of a rebound in mineral oil following several days of losses on concerns about the global economy. <0#ZL:> <0#CL:>
Liquid oils - soyoil, rapeoil and EU rapeoil - were hardly discussed on Thursday due to the absence of players with indicative levels nine to 11 euros up from Wednesday, mostly following stronger Chicago soyoil and higher rapeseed futures. Bids were scarce and no business was reported.
Palm oil was quoted between $10 and $20 a tonne up from Wednesday after Malaysian palm oil futures closed between five and 32 ringgit per tonne up in a technical rebound from recent losses.
May delivery RBD palm olein changed hands at $785 a tonne fob Malaysia, July/Sept traded $5 a tonne up from Wednesday at between $785 and $797.50 and Oct/Dec fetched $790 traded changed hands at $796 and Oct/Dec fetched $790, down $5.
<Center><b><i>Copyright Reuters, 2013</b></i><br></center>*
Comments
Comments are closed.