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NEWS ADMIN

DATE

16/06/2017

NEWS PROVIDER

Nazlin Ismail

NEWS SOURCE

Times of India

CATEGORY

HEADLINE

European vegoils-Palm oil up on stronger ringgit, production worries

15/06/2017 (Times of India) - ROTTERDAM, June 15 (Reuters) - Palm oil on the European vegetable oils market was mostly higher on Thursday on a stronger ringgit and tracking firmer Malaysian palm oil futures on concerns over production.

Asking prices for palm oil for June and July were between $5 and $7.50 down on technicals, while offerings from August onwards were between unchanged and $10 up from Wednesday, with the stronger ringgit making palm oil more expensive for foreign buyers. Malaysian palm oil futures were between 12 aeuros nd 46 euros a tonne higher.

"Players believe that June palm output could drop as many plantation workers will take time off during Muslim holidays following Ramadan," one broker said.

CBOT soyoil futures were between 0.22 cents and 0.51 cents per lb up at 1630 GMT on technical buying.

EU rapeoil was mostly offered between unchanged and 5 euros a tonne higher, tracking gains in CBOT soyoil futures and supported by a strong dollar, which underpins euro-priced products.

The strong dollar and sellers prepared to lower asking prices ideas caused lauric oils to drop to between unchanged and $55 a tonne. EUROPEAN VEGOILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Jul 655/657.50 (+5) Aug/Sep 617.50 (+3.50) Oct/Dec 597.50/601 Jan/Mar 606.50/610

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Jun 700 Jul 665/662.50/660/657.50 Jul/Sep 647.50 Oct/Dec 635

RAPEOIL Dutch/EU, euros a tonne fob exmill Aug/Oct 705 Nov/Jan 709 (-1)

COCONUT OIL Phil/Indo, dollars a tonne cif Rotterdam Jul/Aug 1650

PALMKERNEL OIL Mal/Indo, dollars a tonne cif Rotterdam Sep/Oct 932.50 Oct/Nov 932.50 Nov/Dec 932.50 (Reporting by Karel Luimes; Editing by David Goodman)