European vegoils-Palm oil rises on strong exports, soyoil gainsLONDON - Palm oil prices on Europe's vegetable oils market rose on Tuesday, boosted by the strong pace of Malaysian exports and gains in CBOT soybean oil.
By: Staff Report, Reuters
LONDON - Palm oil prices on Europe's vegetable oils market rose on Tuesday, boosted by the strong pace of Malaysian exports and gains in CBOT soybean oil.
Crude palm oil offers were raised by up to $10.00 per tonne while RBD palm olein asking prices were increased by $10.00 to $15.00 per tonne.
RBD palm olein for July/September shipment last traded at $630 a tonne, up $12.50, while October/December was last $15.00 higher at $627.50 a tonne.
CBOT July soyoil was up 1.3 percent at 32.06 cents a lb at 1722 GMT.
Export data released from cargo surveyor Intertek Testing Services reported a 52.9 percent jump in Malaysian palm oil shipments in the first 25 days of May compared to the same period a month ago, with purchases of crude palm oil rising nearly tenfold.
Another cargo surveyor Societe Generale de Surveillance reported a 55 percent increase for the same period to 1.4 million tonnes shipped.
Coconut oil offers were raised by between $10 and $20 a tonne, boosted by gains in other vegetable oil markets, while palmkernel oil was initially offered at higher levels before sellers withdrew from the market leaving it unquoted.
EU rapeseed oil prices were increased by between 9 and 11 euros a tonne with the weakness of the European currency also contributing to the advance.