European vegoils- Palm oil firms with futures on India import | Malaysian Palm Oil Council Russia

European vegoils- Palm oil firms with futures on India import tax cut

ROTTERDAM, June 30 (Refinitiv) - Palm oil on the European vegetable oils market was mostly firmer on Wednesday following stronger Malaysian palm oil futures on the back of an India palm oil import tax cut.

Asking prices for palm oil were mostly between $10 and $15 per tonne higher after Malaysian palm oil futures closed between 11 and 44 ringgit per tonne higher for 2021 positions.

At 1600 GMT, CBOT soyoil futures were between 2.00 and 0.62 cents per pound lower on positioning ahead of fresh USDA plantings and quarterly stocks figures, which were expected to be bearish for soybeans. USDA data was released late in the European afternoon on Wednesday.

EU rapeoil was mostly quoted between 10 and 25 euros per tonne lower, tracking weaker soyoil and due to slack demand as many players were waiting for Chicago dealers to digest today’s USDA numbers.

Lauric oils were mostly quoted between flat and $45 a tonne lower, pressured by a stronger dollar, which weighs on dollar-priced products and due to slack demand.