ROTTERDAM: Palm oil on the European vegetable oils market was firmer on Tuesday, tracking Malaysian palm oil futures that were supported by stronger CBOT soyoil futures and energy markets.
Asking prices for palm oil were between $2.50 and $7.50 a tonne higher after Malaysian palm oil futures closed between 20 and 31 ringgit a tonne up. Strong energy markets could boost vegetable oils demand from biodiesel producers.
CBOT soyoil futures were between 0.17 and 0.31 cents per lb higher at 1630 GMT, lifted by gains in Chicago soybeans on technical buying and relief over the fading threat of a US trade war with China, the world’s biggest soy importer.
Strong energy markets also supported soyoil futures.
EU rapeoil was quoted between 5 euros and 9 euros a tonne up from Friday, before the long Whitsun weekend, supported by gains in Chicago soyoil futures and underpinned by technical strength in rapeseed futures.
Lauric oils were offered between unchanged and $10 a tonne higher, tracking the stronger trend in palm oil, while gains were limited by a lack of buyers.
Source: Brecorder
