ROTTERDAM: Palm oil on the European vegetable oils market edged higher on Wednesday, tracking an unexpected rise in Malaysian palm oil futures following bearish industry data.
MPOB figures for December showed another seven percent rise in Malaysian palm oil stocks. One cargo surveyor showed a 12 percent rise in Malaysian palm oil exports during the first 10 days of January, while another surveyor recorded a one percent drop.
“A 12 percent increase in exports over the first 10 days compared to a relatively low number a month ago is not exactly a landslide,” one broker said.
Asking prices for palm oil were between unchanged and $5 a tonne higher after Malaysian palm oil futures closed between 19 and 27 ringgit per tonne up.
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At 1830 GMT, CBOT soyoil futures were mostly between 0.17 and 0.33 cents per lb lower on positioning ahead of Friday’s fresh USDA crop and supply/demand reports which are expected to be a tad bearish.
EU rapeoil was offered between unchanged and two euros per tonne down from Tuesday, following the weaker trend in Chicago soyoil and technical weakness in rapeseed futures.
Lauric oils were mostly quoted between unchanged and $27.50 a tonne lower on currencies and because sellers were lowering levels trying to attract buying interest.
Source: Brecorder.com
