Palm oil up on European vegetable oils market ahead of MPOB data

Palm oil
Palm oil

October 12, 2013

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. November delivery RBD palm olein traded unchanged from Tuesday at $770 a tonne fob Malaysia and December delivery, January/March and April/June all changed hands at $767.50.

Crude palm oil traded at $822.50 and $825 a tonne cif Rotterdam and January-March fetched $822.50. At 1630 GMT CBOT soyaoil futures were between 0.19 and 0.39 cents per lb up as players sold soyameal contracts and bought oil, while soyabeans eased slightly on active harvesting of US soyabeans and reports of better-than-expected yields lent pressure. Courtesy: Reuters

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