European vegetable oil prices were mostly higher on Thursday, boosted primarily by a short-covering rally in CBOT soyabean oil ahead of a closely watched US government report on Friday. EU rapeseed oil asking prices were between unchanged and 15 euros a tonne higher, with February/April delivery last traded at 743 euros, up 8 euros from business on Wednesday.
CBOT soyaoil regained some ground on Thursday after weakening earlier in the week as the soyabean harvest gathered pace in the western parts of the US Midwest. The most active CBOT soyaoil contract rose 1.25 percent to 33.30 cents a lb, though the market remains on track for a weekly loss. The US Department of Agriculture is scheduled to release quarterly US stocks data on Friday. Asking prices for RBD palm olein were between unchanged and $2.50 a tonne higher, with January/March shipment last traded at $650, unchanged from Wednesday.
Malaysian palm oil futures came off their lowest in nearly two weeks to close marginally higher on Thursday, tracking gains in rival oilseed soya. Sellers also raised asking prices for coconut oil by $5 to $30 a tonne, with October/November shipment trading at $1,470 a tonne, up $25 from business on Wednesday.
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