Rapeoil on the European vegetable oils market continued to trade higher on Thursday supported by strength in CBOT soyaoil futures, a stronger dollar and increased interest from biodiesel producers. "After a lull in business for a while demand was picking up a bit now the market seemed to move away from earlier lows," one broker said.
At 1730 GMT CBOT soyaoil futures were between 0.13 and 0.27 cents per lb up on worries over tight supplies in the cash market and slow farmer selling. EU rapeoil was offered between 11 and 14 euros per tonne up from Wednesday due to strength in CBOT soyaoil futures. A strong dollar, which underpins euro-priced products, supported prices. Strong rapeseed futures, tracking firmer Chicago soyabean futures, were up on bull spreading and slow farmer selling.
EU sunoil gained a little because of improved demand due to bargain buying. The strong dollar limited gains as it weighed on the dollar-priced sunoil. Palm oil was offered between $2.50 a tonne down and $5 up from Wednesday after Malaysian palm oil futures closed between five and 15 ringgit per tonne higher in thin trade as most players were waiting for Friday's July Malaysian palm oil export number. Lauric oils were offered between $5 per tonne up and $5 down, supported by gains in other segments of the market, while the stronger dollar limited gains. Palmkernel oil, which was at a discount of some $200 to $220 to coconut oil, continued to find some demand.
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