Crude palm oil being unloaded from tankers
LONDON: Palm oil prices on Europe's vegetable oil market were higher on Wednesday boosted by a rebound in Malaysian futures and gains in CBOT soybean oil.
Crude palm oil offers were raised by $7.50 to $20 a tonne, cif Rotterdam, with expectations of slower than forecast output growth aiding the recovery in Malaysia.
Dealers said gains, however, may prove short-lived with production recovering after an El Nino-linked decline and demand remaining subdued.
"Downward pressure on palm oil prices will continue amid persistent bearish factors," Rabobank said in a market note.
CBOT soyoil rose with the most active contract up 1.1 percent at 32.20 cents per lb at 1628 GMT.
Asking prices for EU rapeseed oil were increased by as much as 7 euros a tonne.- Reuters
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