ROTTERDAM: Palm oil on the European vegetable oils market firmed on Monday on the back of Malaysian palm oil futures, which jumped on a dip in the ringgit, which could spark demand from buyers holding foreign currencies.
"The market was pretty dull, with palm oil supported by the weak ringgit. The absence of Chicago markets due to Martin Luther King day kept a firm lid on activity," one broker said.
Palm oil was offered between $5 and $10 a tonne up from Friday after Malaysian palm oil futures closed between 20 and 40 ringgit per tonne higher as a weaker ringgit prompted buying interest from overseas investors. Sluggish exports limited gains. Malaysian players returned from a long weekend after the market was closed on Friday.
April/June RBD palm olein changed hands between $794 and $797.50 a tonne fob Malaysia and July/Sept traded from $790 up to $793 fob.
Liquid oils - rapeoil, sunoil and soyoil - were mostly offered between 3 euros and 7 euros per tonne up, mostly supported by a firm dollar, which underpins euro-priced products, and sellers taking some protection in anticipation of more technical strength in Chicago. Asking prices were hardly tested and no deals were reported.
Lauric oils were quoted $10 to $15 a tonne up from Friday in sympathy with gains in palm oil. Bids were scarce and no deals were reported.
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