Crude palm oil on the European vegetable oils market firmed a little on Friday, in sympathy with Malaysian palm oil futures, on expectations that monsoon rains could reduce production in December. "Crude palm oil was a tad higher, while refined palm oil was a touch easier because of a dip in the ringgit, which makes palm oil cheaper for players holding foreign currencies. Business was dull overall as the market hit the pre-Christmas holiday doldrums," one broker said.
Crude palm oil was offered between $2.50 a tonne down and $7.50 up, while refined products were mostly $2.50 to $5 a tonne lower after Malaysian palm oil futures closed between five and 16 ringgit a tonne up on concerns over monsoon rains hurting output and because of a rebound in mineral oil prices.
At 1730 GMT, CBOT soyaoil futures were between 0.07 and 0.12 cents per lb up on technicals as Chicago dealers sold soyameal contracts and bought soyaoil futures. Stronger mineral oil prices were also supporting CBOT soyaoil.
Liquid oils - EU rapeoil, soyaoil and sunoil- saw a correction to Thursday's rally in sympathy with technical weakness in rapeseed futures and due to slack demand.
Lauric oils were offered between unchanged and $5 a tonne up from Thursday, tracking palm oil and because of firmer mineral oil prices. Gains were limited by a strong dollar, which weighs on prices quoted in that currency.
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