Palm oil up ahead of Malaysian Palm Oil Board data on Thursday

ROTTERDAM: Palm oil on the European vegetable oils market firmed on Wednesday with players positioning ahead of Thursday’s Malaysian Palm Oil Board (MPOB) stocks data.

* “It was all quiet today with asking prices a touch firmer as sellers anticipate that palm oil production has not grown as strong as was predicted earlier. Buyers were mostly holding back, still believing Malaysian palm oil stocks will rise, maybe to above two million tonnes,” one broker said.

* Palm oil was offered between unchanged and $10 a tonne up from Tuesday after Malaysian palm oil futures closed between 15 and 22 ringgit per tonne up as investors bet the key industry report would show that palm stocks and output growth in September were lower than anticipated. <0#FCPO:>

* Nov delivery RBD palm olein traded unchanged from Tuesday at $770 a tonne fob Malaysia and Dec delivery, Jan/March and April/June all changed hands at $767.50.

* Crude palm oil traded at $822.50 and $825 a tonne cif Rotterdam and Jan/March fetched $822.50.

* At 1630 GMT CBOT soyoil futures were between 0.19 and 0.39 cents per lb up as players sold soymeal contracts and bought oil, while soybeans eased slightly on active harvesting of U.S. soybeans and reports of better-than-expected yields lent pressure. <0#ZL:>

* Liquid oils – rapeoil, sunoil and soyoil – were offered between one and ten euros per tonne up in sympathy with the trend in Chicago soyoil, a stronger dollar, which supports euro-priced products, and gains in rapeseed futures on technical buying. Buyers showed little interest at the firmer levels and no business was reported. rapeseed futures. <0#COM:>

* Lauric oils hardly changed compared to Tuesday with both buyers and sellers not in a hurry to make a market and no deals were seen. – Reuters

 

Source : The Star

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