Palm oil on the European vegetable oils market firmed on Wednesday, the first trading day after the Christmas break, following strong gains in Malaysian palm oil futures on improved exports during the first 25 days of December.
"As Malaysian palm oil exports were slightly better compared to the same November period, it is still uncertain it will be enough to reduce the huge stocks even with declining production in December," one broker said. Asking prices for palm oil were between $5 and $20 a tonne higher, also supported by a weaker dollar, after Malaysian palm oil futures closed between 36 and 41 ringgit per tonne up. At 1830 GMT, CBOT soyaoil futures were between flat and 0.18 cents per lb down on technical selling after a rise on Tuesday on worries over dry weather returning in Argentina.
EU rapeoil was offered between two and eight euros per tonne up, mostly tracking Tuesday's gains in Chicago soyaoil and because of firmer rapeseed futures on concerns over possible lack of rain in Argentina. Lauric oils were quoted between $20 and $40 a tonne higher, following firmer palm oil and because of dollar weakness, which underpins products priced in the currency.
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