MARKET DEVELOPMENT
Vegoils-Palm Oil Edges Higher, Trade Thin Due to Malaysia Holiday
Vegoils-Palm Oil Edges Higher, Trade Thin Due to Malaysia Holiday
17/09/2015 (Reuters) - European palm oil prices were lifted by a weaker dollar on Wednesday, but the market remained subdued as a holiday halted palm oil trade in Malaysia.
Asking prices for crude palm oil on the European market rose between $5 and $10, reversing some of the previous session's losses.
The November position climbed to $547.50 per tonne.
RBD palmolein prices also edged higher, with all positions marking gains of $5. The Jan/Mar position climbed to $565 per tonne. But bids were scarce because the Malaysian futures market was closed for the holiday and this subdued trade elsewhere.
Prices were largely supported by the easing in the dollar, which retreated on the back of new data showing US consumer prices fell for the first time in seven months.
A weaker dollar lifts prices by making palm oil denominated in the currency cheaper for international buyers.
Palmkernel oil prices slid for second consecutive day, after soaring by up to $65 on Monday. The front contract remained unchanged, but most other contracts were down by $5 to $10 per tonne.
"It was a little overdone," one European trader said. "But there aren't any serious buyers.
The sellers have to come down to make it more interesting." Soybean oil on the European market fell by 10 euros, with the front position dipping to 630 euro per tonne.
The market broadly tracked Chicago soy futures, which fluctuated in choppy trade before easing later in response to favourable weather in the US
The benchmark November soybeans dipped 0.14 percent to $8.87-3/4 per bushel by 1638 GMT. December soyoil held broadly steady, rising 0.6 percent to 26.82 cents per lb.
Volumes were light as markets remained subdued ahead of a decision this week by the US Federal Reserve on whether to raise interest rates for the first time in nearly a decade.
Sunoil prices remained broadly unchanged and the Jan/Mar position last traded at 805 euro per tonne, in line with asking prices.
Prices for rapeseed oil were little changed, as the front month edged up by 4 euros but other positions dipped by up to 2 euros.
Coconut oil prices were also mixed, with some positions losing $5 and others gaining $5.
Asking prices for crude palm oil on the European market rose between $5 and $10, reversing some of the previous session's losses.
The November position climbed to $547.50 per tonne.
RBD palmolein prices also edged higher, with all positions marking gains of $5. The Jan/Mar position climbed to $565 per tonne. But bids were scarce because the Malaysian futures market was closed for the holiday and this subdued trade elsewhere.
Prices were largely supported by the easing in the dollar, which retreated on the back of new data showing US consumer prices fell for the first time in seven months.
A weaker dollar lifts prices by making palm oil denominated in the currency cheaper for international buyers.
Palmkernel oil prices slid for second consecutive day, after soaring by up to $65 on Monday. The front contract remained unchanged, but most other contracts were down by $5 to $10 per tonne.
"It was a little overdone," one European trader said. "But there aren't any serious buyers.
The sellers have to come down to make it more interesting." Soybean oil on the European market fell by 10 euros, with the front position dipping to 630 euro per tonne.
The market broadly tracked Chicago soy futures, which fluctuated in choppy trade before easing later in response to favourable weather in the US
The benchmark November soybeans dipped 0.14 percent to $8.87-3/4 per bushel by 1638 GMT. December soyoil held broadly steady, rising 0.6 percent to 26.82 cents per lb.
Volumes were light as markets remained subdued ahead of a decision this week by the US Federal Reserve on whether to raise interest rates for the first time in nearly a decade.
Sunoil prices remained broadly unchanged and the Jan/Mar position last traded at 805 euro per tonne, in line with asking prices.
Prices for rapeseed oil were little changed, as the front month edged up by 4 euros but other positions dipped by up to 2 euros.
Coconut oil prices were also mixed, with some positions losing $5 and others gaining $5.