MARKET DEVELOPMENT
European Vegoils-Palm Oil Firmer on Output Worries
European Vegoils-Palm Oil Firmer on Output Worries
27/01/2016 (Reuters) - Palm oil on the European vegetable oils market firmed a little with Malaysian palm oil futures on concerns over production.
"After a public holiday Malaysia slowly came to life and Europe followed.
Stronger energy markets were also supportive for most products on the cash market as it could improve demand by biofuel producers," one broker said.
Crude palm oil was offered between flat and $5 a tonne up from Monday after Malaysian palm oil futures closed between three and 15 ringgit per tonne up buoyed by expectations of lower output and as traders covered short positions ahead of the Lunar New Year holidays.
At 1730 GMT CBOT soyoil futures were between 0.11 and 0.34 cents per lb higher on the back of a rally in energy markets.
EU rapeoil was offered between unchanged and three euros per tonne down in light trade with prices hovering in a tight range due to lack of fresh leads. Energy markets and firmer rapeseed futures limited losses.
Lauric oils were quoted between flat and $2.50 a tonne up from Monday, tracking the trend in palm oil. Demand was slack despite concerns over availability of copra due to the El Nino weather pattern that could hamper production.
"After a public holiday Malaysia slowly came to life and Europe followed.
Stronger energy markets were also supportive for most products on the cash market as it could improve demand by biofuel producers," one broker said.
Crude palm oil was offered between flat and $5 a tonne up from Monday after Malaysian palm oil futures closed between three and 15 ringgit per tonne up buoyed by expectations of lower output and as traders covered short positions ahead of the Lunar New Year holidays.
At 1730 GMT CBOT soyoil futures were between 0.11 and 0.34 cents per lb higher on the back of a rally in energy markets.
EU rapeoil was offered between unchanged and three euros per tonne down in light trade with prices hovering in a tight range due to lack of fresh leads. Energy markets and firmer rapeseed futures limited losses.
Lauric oils were quoted between flat and $2.50 a tonne up from Monday, tracking the trend in palm oil. Demand was slack despite concerns over availability of copra due to the El Nino weather pattern that could hamper production.