European vegoils- Palm oil rise on Indonesia tighter supply woes
GDYNIA, November 2 (Refinitiv) - Palm oil on the European vegetable oils market rose on Thursday, following firmer Malaysian palm oil futures. Indonesia would keep the domestic market obligation (DMO) in 2024 which raised concerns about tighter plam oil supplies.
Asking prices for palm oil were between flat and $12.50 a tonne up, after Malaysian palm oil futures closed between 48 and 94 ringgit a tonne higher. Firmer energy markets also supported prices.
At 1700 GMT CBOT soyoil futures were between 0.37 and 0.89 cents per pound higher, following rallies in Chicago soybeans on worries about dry weather in soybean belt in Brazil.
EU rapeoil was offered between 8 euros a tonne down and 20 euros up, tracking firmer both European rapeseed and Chicago soyoil futures. Firmer crude oil also supported prices, as higher energy prices make vegetable oils more attractive for biodiesel producers.
Lauric oils were offered between $15 a tonne down and $25 a tonne up, tracking firmer palm oil.