EU rapeseed oil prices rose on Friday, buoyed by strong gains in Chicago soyabean oil and further strength in energy markets. Palm oil prices, however, stabilised on the European vegetable oil market after rising earlier in the week. EU rapeseed oil for August/October delivery was offered at 739 euros a tonne, up 4 euros on the day while other positions ranged from unchanged to 5 euros higher.
Dealers said business was slow and the only reported trade was November/January delivery at 726 euros. The most active CBOT soyaoil contract was up 1.26 cents or 3.7 percent at 35.11 cents per lb at 1626 GMT. Higher energy prices were also supportive, potentially raising demand for rapeoil from biodiesel producer. Crude palm oil prices were little changed with the only reported trade for October/December shipment at $665 a tonne, down $2.50 from business on Thursday.
Dealers noted that Malaysian palm oil futures had fallen on Friday, weighed by profit taking after the prior session's advance to a two-month high. Lauric oils were also little changed in the absence of any clear direction from palm oil.
Comments
Comments are closed.