Palm oil on the European vegetable oils market was offered mixed on Wednesday following Malaysian palm oil futures, which traded in a tight range as optimism over stronger demand was offset by the outlook for rising production. Asking prices for palm oil were between $2.50 a tonne down to $7.50 up from Tuesday after Malaysian palm oil futures closed between 10 ringgit per tonne lower and 10 ringgit higher.
"Prices in most products did not move all that much ahead of Thursday's USDA monthly reports, but there was some buying just in case the data turns out to be bullish," a broker said. CBOT soyoil futures were between 0.07 cents per lb down and 0.12 cents up as Chicago dealers awaited Thursday's crop and supply/demand reports. EU rapeoil was offered between one euros per tonne higher and two euros lower. A weaker dollar weighed on products priced in euros. Rapeseed futures edged up on technicals, which capped losses in rapeoil.
Coconut oil traded as much as $50 a tonne up from Wednesday on increased demand and supported by the weaker dollar, which underpins products quoted in that currency. Palmkernel oil was quoted between $5 and $10 a tonne up, tracking the trend in coconut oil. Lack of buying interest capped gains.
Comments
Comments are closed.