Palm oil prices on the European vegetable oils market rose on Monday, powered by a rally in energy markets and a stronger ringgit, which makes palm oil more expensive for foreign buyers. "Business was overall calm as players eye the Price Outlook conference (taking place in Kuala Lumpur) where the price trends for 2016 will be discussed," one broker said.
Palm oil was mostly offered between unchanged and $20 a tonne up from Friday. Malaysian palm oil futures closed between six and 30 ringgit per tonne higher on gains in energy prices, while the stronger ringgit limited gains because of worries over slowing export demand.
At 1730 GMT, CBOT soyaoil futures were between 0.18 and 0.30 cents per lb higher on technical buying and follow-through short covering. Stronger energy markets also supported soyaoil futures, while the outlook for ample global oilseed supplies limited gains. EU rapeoil was mostly offered between unchanged and five euros per tonne down on the back of a dip in the dollar that weighed on euro-priced products. Stronger rapeseed futures and higher energy markets capped gains. Lauric oils were mostly offered between $5 and $15 a tonne higher, tracking palm oil and because of a weaker dollar and stronger ringgit.
Comments
Comments are closed.