Palm oil on the European vegetable oils market firmed on Wednesday on bargain hunting in Malaysian palm oil futures following recent losses due to dwindling demand. “The market was ready for a rebound although most buyers remained cautious as bearish sentiment is still strong. Nevertheless some positions were covered just in case the downward trend breaks,” one broker said.

Palm oil was offered between $7.50 and $17.50 a tonne up from Tuesday after Malaysian palm oil futures closed between 41 and 49 ringgit per tonne up as the steep fall in prices attracted bargain hunters. At 1730 GMT CBOT soyoil futures were between 0.30 and 0.57 cents per lb higher on a technical correction following recent losses because of nearly ideal US crop weather and weak demand.

Liquid oils – EU rapeoil, soyoil and sunoil – were offered between four and 10 euros per tonne up from Tuesday in sympathy with technical rebounds in futures markets. Lauric oils were quoted between $5 and $20 a tonne up from Tuesday, tracking strong palm oil and soyoil.

Source : Business Recorder