Buyers remained cautious as prospects for higher MPOB palm oil stocks and a gloomy outlook of the global economy could pressure prices," one broker said. Palm oil was offered between $2.50 a tonne up and $7.50 down from Wednesday, pressured by the strong dollar, which weighs on dollar-priced commodities. Malaysian palm oil futures closed between 4 ringgit per tonne down and 12 ringgit up on prospects for a decline in South American soyabean crops, which could lead to higher soyaoil prices and support palm oil demand.
January-March RBD palm olein traded $7.50 a tonne down from Wednesday at between $840 and $830 a tonne fob Malaysia, and April/June fetched between $850 and $840, unchanged from Wednesday. Crude palm oil changed hands at $750 a tonne cif Rotterdam for December shipment, up $5 from Wednesday, while April/June fetched $860 a tonne cif. At 1700 GMT CBOT soyaoil futures were between 0.38 and 0.47 cents per lb down in a technical rebound from Wednesday's gains, a strong dollar and as players levelled positions, eyeing the still unsolved "fiscal cliff" in the US Senate, which could cause problems for the US and the global economy and eventually impact demand for commodities.
Liquid oils - soyaoil, rapeoil and sunoil, were offered between 2 and 7 euros per tonne up in sympathy with Wednesday's gains in CBOT soyaoil, when futures rose over half a cent on Argentine weather woes, and on a stronger dollar, which supported euro-priced products. Gains were capped by weak mineral oil, easier rapeseed futures and a weaker trend in Chicago.
February-April EU rapeoil changed hands at 920 euros per tonne fob exmill, up 7 euros from Wednesday, while May/July fetched between 925 and 922 euros, up 5 euros and August-October traded up 8 euros at 913 euros fob. Lauric oils were offered between unchanged and $5 a tonne down from Tuesday, mostly in line with palm oil futures, pressured by mineral oil and a strong dollar. Coconut oil changed hands at $800 a tonne cif Rotterdam for March/April, while no business was seen in palmkernel oil.