Palm oil firmer in Europe

Palm oil firmer in Europe

LONDON (Reuters): Palm oil in Europe firmed US$10 to $40 yesterday, due to bullish Malaysian data from Ivan Wong, coupled with ongoing uncertainties over the Indonesian export situation, traders said.

Private forecaster Ivan Wong, estimated Malaysia's palm oil production in March to have fallen by 3.3 percent to 582,000 tons from 601,219 tons in February, he previously estimated March output at 596,000.

News that India may soon reduce import duties on edible oils from the present level of 22 percent, also helped to boost bullish sentiment.

Olein was the only palm oil commodity to attract any business, with trade ranging from April at $700, through to October/December at $625. April was also thought to have fetched $703.50 and $705 but this couldn't be confirmed.