Palm oil on the European market gained slightly on Thursday on concerns about lower production due to year-end monsoon rains. Palm oil was offered between flat and $5 a tonne up from Wednesday, mostly tracking Malaysian palm oil futures, which closed between 11 ringgit per tonne up and seven ringgit down, supported by expectations that production will be disrupted in coming months.
"There is not much buying enthusiasm at the moment because of the weak energy markets, which dampen demand from biodiesel producers," one broker said. At 1700 GMT CBOT soyaoil futures were between 0.02 cents per lb up and 0.09 cents down with technical buying and strong export demand balanced by weak energy markets.
EU rapeoil was quoted between five euros per tonne up and four euros down, supported by underlying demand and slightly firmer rapeseed futures. Weaker energy markets limited gains. In slow trade, coconut oil was offered mostly unchanged, while palmkernel oil was quoted around $10 a tonne down from Wednesday. Nearby palmkernel oil was offered at around $125 premium over December-January due to tight availability, with little material due to arrive in Europe soon and what is on the way mostly sold already, dealers said.
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