Crude palm oil prices were largely flat on Wednesday in thin conditions due to a holiday in Malaysia, but posted strong gains for the month buoyed by increased export demand. Crude palm oil for September shipment was offered at $755 per tonne on Wednesday, down $5 from the previous day but still $110 up from the end of July. "Demand for crude palm oil from traditional buyers increased tremendously in August, due to restocking activities ahead of India's Diwali and China's Mid-Autumn Festival," Rabobank said in a report on Wednesday.
Activity was diminished by the closure of Malaysian markets for the National Day holiday. EU rapeseed oil offers were increased by between 2 and 8 euros per tonne, although no trades were reported with business largely centred on laurics. Coconut oil saw trading in both October-November and November-December shipment periods with asking prices unchanged to slightly lower, while a drop in palmkernel oil offers helped to stir buying interest with November-December shipment changing hands.
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