European vegoils- Palm oil up further on bullish sentiment, industry data – – LSEG Commodities Research & Forecast

2025/02/11 01:53

GDYNIA, February 10 (LSEG) – Palm oil prices on the European vegetable oils market remained firm on Monday, following gains in Malaysian palm oil futures supported by bullish news, including lower Malaysian output and stocks in January.

Palm oil was mostly offered between $5 and $40 a tonne up from Friday after Malaysian palm oil futures closed between 11 and 100 ringgit a tonne higher due to decling stocks, despite weaker exports, on falling production from the beginning of the year, according to MPOB data. Lack of demand weighed, but improvement was expected in the coming months.

Tanker freight for moving 40,000 tonnes of palm oil and by-products from Malaysia or/and Indonesia ports toward the European port of Rotterdam was assessed by LSEG at $72.3 per tonne on February 7, unchanged from last week. The palm oil shipping market was slow during the holiday season in many Asian countries due to the Lunar New Year celebrations.

Soyoil futures were between 0.09 and 0.25 cent per pound lower at 1730 GMT, pressured by Chicago soybeans on trade tension between China and the U.S. Higher energy prices and firmer rival palm oil limited losses.

EU rapeoil remained mixed and quoted between four euros a tonne higher and eight euros lower on Monday, with the old crop prices lower and the new crop higher. Higher energy prices and a stronger dollar were supportive, while lower Chicago soybeans and soyoil weighed.

Lauric oils were also very mixed and offered between $35 a tonne lower and $15 higher, tracking firm palm oil futures, on the one hand, and weighed down by the strong dollar, on the other hand.