ROTTERDAM: Coconut oil soared on the European vegetable oils market on Tuesday due to concerns over copra supplies following the damage Super Typhoon Haiyan did to coconut trees and infrastructure on the Philippines.
* "Haiyan caused all vegetable oils to rise in sympathy with
coconut oil and it seems that the bullish momentum might hold
for a while," one broker said.
* Coconut oil traded as much as $240 up from Monday and
about $90 up during the day, and dealers estimated around 20,000
tonnes changed hands. Jan/Feb coconut oil changed hands from
$1,350 to $1,410 a tonne cif Rotterdam; Feb/March traded $240 up
from Monday at between $1,350 and $1,440; and March/April
fetched between $1,420 and $1,430.
* Palmkernel oil followed the trend in coconut oil but gains
were slightly more moderate, $115 up from Monday. Jan/Feb
palmkernel oil traded at $1,195 a tonne cif Rotterdam.
* Palm oil was offered between $10 and $22.50 a tonne up
from Monday after Malaysian palm oil futures closed between 15
and 75 ringgit per tonne up due to the possible impact Haiyan
could have on the market. <0#FCPO:>
* Jan/March delivery RBD palm olein traded $20 a tonne up
from Monday at $840 tonne fob Malaysia; April/June changed hands
between $817.50 and $830, up $15; and July/Sept fetched $810 and
$812.50.
* Crude palm oil traded at $917.50 a tonne cif Rotterdam for
both Nov and Dec shipment; Jan/March fetched $915; and $912.50
and $910 was paid for April/June.
* At 1730 GMT, CBOT soyoil futures were between 0.44 and
0.53 cents per lb up due to strong palm oil futures and sales of
35,000 of soyoil sold to an unknown destination. Soyoil futures
were off the highs hit earlier in the session. <0#ZL:>
* EU rapeoil was offered three to four euros up from Monday,
tracking CBOT soyoil and also due to stronger rapeseed futures.
The rapeseed futures were underpinned by German winter rapeseed
sowings for the 2014 harvest, which were four percent down from
the season before.
* Feb/April EU rapeoil changed hands at 755 euros per tonne
fob exmill, up six euros from Monday, and May/July also traded
up six euros at 758 euros. April/June EU sunoil fetched $955 a
tonne extank. - Reuters
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