ROTTERDAM: Palm oil on the European vegetable oils market edged higher on Tuesday on positioning ahead of fresh industry data later in the week and supported by strength in CBOT soymeal futures.
On Thursday USDA will issue its November crop and supply/demand reports, followed by MPOB with the palm oil supply/demand report for October, due on Friday.
Asking prices for palm oil were between unchanged and $5 a tonne higher after Malaysian palm oil futures closed mostly between one ringgit per tonne down and five ringgit up on bargain buying following recent losses and overnight gains in CBOT soyoil futures.
“The market was overall dull due to a lack of fresh market moving news and players were waiting for the industry data. Expectations US soybean yields will be lower in the next USDA report caused prices to go up slightly,” one broker said.
At 1730 GMT CBOT soyoil futures were between 0.06 and 0.28 cents per lb higher on follow-through buying from Monday when soyoil rose with energy markets on news that heating demand was forecast to rise more than previously expected over the next several weeks.
Nearby EU rapeoil positions remained strong on a technical squeeze with December delivery trading 13 euros up from Monday at 808 euros per tonne fob ex-mill. Firmer Chicago soyoil and gains in rapeseed futures added to the strength.
Lauric oils were mostly offered between unchanged and $20 a tonne higher, supported by gains in palm and soyoil. Buyers were hard to find.
Source: Brecorder.com
