PARIS, April 20 (Reuters) – Prices on the European vegetable oils market were marked up on Thursday after Malaysian futures broke a six-session falling streak and U.S. soyoil rose for a second day.
Offers were trimmed after buyers in Europe baulked at early prices, leading to some afternoon trade, but activity was restrained with many market participants heading off to an industry event in Rotterdam, traders said.
Crude palm oil (CPO) was offered between $ 2.50 and $ 7.50 higher compared with Wednesday by the end of the session.
A deal was reported in CPO at $ 650 a tonne, CIF Rotterdam, for June delivery, helped by a scaling back in offers for that position from $ 667.50 to $ 652.50, traders said.
Prices for lauric oils were mixed. Palmkernal offers were flat to higher while coconut offers were flat to lower.
Coconut oil of Philippine or Indonesian origin changed hands at $ 1535 a tonne, CIF Rotterdam, for June/July delivery, in line with late offers.
A deal was also reported for nearby April/May delivery at a steep $ 1935 a tonne, suggesting a buyer had to cover urgent needs, traders said. No further offers were quoted for April/May.
Rapeseed oil was marked up 5 euros for all positions and also generated some trading (see below).
European prices were buoyed by the bounce in Malaysian palm oil futures, which halted a run of six falling session, and continued strength in Chicago soyoil despite an easing in U.S. soybeans.
EUROPEAN VEG OILS TRADES – – – – – – – – – – – – – – – – – – – – – – April 20, 2017 – 1600 GMT CRUDE PALM OIL Sumatra/Malaysia slrs option dlrs tonne June 650 COCONUT OIL Phil/Indo dlrs tonne April/May 1935 June/July 1535 RAPEOIL Dutch/EU euro tonne fob exmill May/July 758/759 PALM OLEIN RBD dlrs tonne fob Malaysia June 635/640, July/Sep 595/600
(Reporting by Gus Trompiz; Editing by Adrian Croft)
