The European vegetable oil market saw a few palm oil trades on Monday as asking prices rose with stronger palm oil and soyoil futures, but many players were holding back, opting for a wait and see attitude, market sources said. "Sellers were holding back in the hope dry weather in South America will continue to support prices, while buyers believe the rallies in Chicago lead by fund buying were overdone and the market will come down as soon as there will be harvest pressure from South America," one broker said.
Palm oil was offered up to $17.50 up from Friday after Malaysian palm oil futures ended 51 to 42 ringgit per tonne higher on the back of rival CBOT soyoil and active physical refiner covering.
April-June palm olein changed hands from $402.50 to $407 a tonne fob Malaysia and July-December fetched $407.50 a tonne fob.
Crude palm oil traded at $460 a tonne cif Europe for February shipment plus extension.
Liquid oils were offered flat to six euros per tonne up from Friday following Friday's firmer CBOT soyoil futures and the stronger tone on the overnight e-cbot.
A few bids were reported in EU rapeoil, but the gap between buyers and sellers was too big to come to business, dealers said.
Lauric oils were $5 to $17.50 a tonne higher following palm oil and soyoil but buyers showed little serious buying interest and no trades were reported.
Comments
Comments are closed.