European vegetable oils end trading year on quiet note

31 Dec, 2011

The European vegetable oil market ended the last trading day of 2011 quietly on Friday due to lack of participation, with prices a tad firmer, market sources said. "Asking prices were mainly indicative, with both sides of the market not showing much desire to get wild in the final stages of the year," one broker said.
Palm oil was offered $2.50 to $10 a tonne up, mostly on worries that wet weather in Malaysia could cut palm oil production. Malaysian palm oil futures had closed up by 14 to 55 ringgit per tonne on weather concerns and expectations that good US economic data may eventually translate into increased demand. April/June RBD palm olein traded up $5 from Thursday from $1,055 down to $1,47.50 a tonne fob Malaysia, while March delivery changed hands at $1,060 and July/September also traded up $5 at $1,042.50 and $1,040 fob.
Liquid oils - soyoil, rapeoil and sunoil - were offered between 4 euros per tonne down and 2 euros up, supported by CBOT soyoil and firmer rapeseed futures. Gains were limited by the lack of demand and a weaker dollar against the euro, which weighs on euro-priced products. Bids were scarce and no deals were reported.
Lauric oils remained untraded, with offerings up by $5 to $15 a tonne up from Thursday, with Malaysian palm oil futures and because of a weaker dollar, which supported dollar-priced products. Asking prices were hardly tested and no deals were seen.

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