Prices rise in Europe's vegetable oil market
Prices in Europe's vegetable oil market rose on Monday, supported by a firm trend in Chicago soyoil,…Prices in Europe's vegetable oil market rose on Monday, supported by a firm trend in Chicago soyoil, but with the closure of the Malaysian palm oil markets for a public holiday limiting trade. The global benchmark Malaysian palm oil market was closed for the end of Ramazan celebrations, the Eid al-Fitr holiday, and will stay closed on Tuesday.
"Several oils in the palm sector were basically unquoted today, while it was very difficult to assess prices during the day because of the lack of a lead from Malaysia," one European trader said. "This restrained trade and I think the story will be similar tomorrow," the trader added. "But firm soybean and soyoil prices supported overall sentiment." Crude palm oil for August delivery was quoted in Europe up $7.50 a tonne at $845 a tonne cif. Prices of refined, bleached and deodorised (RBD) palm oil and palm stearin oil were hardly heard in the market, traders said.
US soybean futures were boosted by strengthening demand after recent sharp price falls, supporting European prices. The only major trading reported in Europe was in rapeseed oil, with February/April 2014 delivery changing hands at 660 euros a tonne, up 5 euros on Friday's traded levels. "Rapeseed oil has boosted its price attractiveness against soyoil but there is also some concern about rain in the big EU producers Germany, France and Poland, which could damage the crop now being harvested," another trader said. Rapeseed oil for August/October delivery was quoted up 8 euros at 643 euros a tonne fob ex mill, against August/October soyoil at 650 euros a tonne.
