Palm oil prices firm

Palm oil prices firm

LONDON (Reuter): Talk in the Far East of Indonesian buyers seeking cover on the Malaysian market underpinned palm oil prices in Europe at midday yesterday.

Traders said Indonesian buyers had been in the Malaysian market on Monday and taken a few parcels of palm products and had been back for more today.

"They, the Indonesian's, are working a hit-and-run operation, taking a odd parcel here and there when the price is right and getting out when values rise," said a trader.

Traders were unable to say how much palm oil Indonesia has taken in the last two days.

At midday in Europe crude palm oil was US$7.50 to $12.50 up after Oct traded at $540 and Nov/Dec at $530 a ton CIF in early dealings.

Among refined palm oils RBD oil was $12.50 up after Oct traded at $497.50 while olein was $12.50 to $15 higher after Oct fetched $540, Nov $532.50, Nov/Dec $527.50 and $530 and Jan $535 a ton fob Malaysian ports.

The lauric oils sector was quiet with coconut oil sellers $2.50 up to unchanged and palmkernel oil unchanged to $5 higher.