European vegoils-Palm oil up with CBOT on bargain buying

Reuters

ROTTERDAM, Oct 4 (Reuters) - Palm oil on the Europeanvegetable oils market firmed on Friday, tracking Malaysian palmoil futures, which again were following a hike in CBOT soyoil onbargain buying and a slowdown in the U.S. soybean harvest due torains.

* "Asking prices for most products were up on the back of ajump in Chicago soyoil. We saw some activity from buyerscovering in case prices continue to move up, although many werenot sure bullish momentum would last long," one broker said.

* Palm oil was offered between unchanged and $12.50 a tonneup from Thursday after Malaysian palm oil futures closed betweenseven ringgit per tonne down and 16 ringgit up, mostly followingrival soyoil with players already eyeing fresh MPOB stocks data,due on October 10.

* Nov delivery RBD palm olein changed hands at $760 a tonnefob Malaysia and Jan/March fetched $747.50, unchanged fromThursday.

* At 1630 GMT CBOT soyoil futures were between 0.01 and 0.10cents per lb up in sympathy with soybean futures after privateforecaster Informa lowered its U.S. yield estimate.

* Liquid oils - rapeoil, sunoil and soyoil - were offeredbetween unchanged and nine euros per tonne down from Thursday onprofit taking following recent gains after the European Unionsaid it will raise anti-dumping duties on biodiesel imports fromArgentina and Indonesia, causing some profit taking.

* Nov/Jan EU rapeoil changed hands at 728 euros per tonnefob exmill, Feb/April fetched between 737 and 735 euros andMay/July traded four euros down from Thursday at 744 and 741euros.

* Lauric oils were offered between unchanged and $5 a tonnedown from Thursday as sellers were seeking buyers and found someat $870 a tonne cif Rotterdam for Nov/Dec palmkernel oil, whileDec/Jan coconut oil was switched into Feb/March plus $7.50. (Reporting by Karel Luimes; eediting by James Jukwey)

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