Palm oil on the European vegetable oils market firmed on Wednesday, tracking slightly higher Malaysian palm oil futures and stronger CBOT soyaoil futures on expected lower output. Asking prices for palm oil were between $5 and $7.50 a tonne higher after Malaysian futures closed between unchanged and 6 ringgit a tonne up, supported by expectations for a February fall in production.
CBOT soyaoil futures were between 0.06 and 0.37 cents per lb higher at 1730 GMT, tracking technical strength in Chicago soyabeans on concern over crop losses in Argentina because of a hot, dry spell. EU rapeoil was offered between unchanged and 1 euro a tonne down on lack of buying interest. Slightly firmer rapeseed futures, tracking the trend in CBOT soyabean futures, limited losses.
Coconut oil was offered between $2.50 and $7.50 a tonne higher, tracking firmer palm oil and supported by some underlying demand. Palmkernel oil eased by between $5 and $10 a tonne as sellers sought to bridge the gap with buyers' levels.
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