Palm oil on the European vegetable oils market rose on Thursday, tracking gains in Malaysian palm oil futures amid concerns over tighter supplies, and underpinned by stronger soyaoil futures. Asking prices for palm oil were between $2.50 and $10 a tonne up after Malaysian palm oil futures closed between 13 and 27 ringgit per tonne higher.
"Palm oil production is up, exports are down, India raises import taxes and Malaysian palm oil stocks are well up. Still there is talk in the futures market about tighter supplies, it causes some uncertainty on the cash market," one broker said. At 1630 GMT CBOT soyaoil futures were between 0.14 and 0.37 cents per lb up, tracking Chicago soyabeans on strong US export demand. Slightly higher energy markets were also supportive.
EU rapeoil was offered between two euros per tonne up and one euro down, mostly supported by stronger CBOT soyaoil and firmer rapeseed futures, which took their cue from firmer CBOT soyabeans. The outlook for ample world oilseed supplies limited gains. Lauric oils were mostly quoted between flat and $20 a tonne up from Wednesday, tracking stronger palm and soyaoil prices. Demand was hardly noted.
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