Palm oil prices rise in Europe

Palm oil prices rise in Europe

LONDON (Reuters): Political and economic concerns in Indonesia drove opening crude palm oil prices up by as much as US$15 a ton at the opening of the European vegetable oil market yesterday.

"The market should be falling on the back of the Latest Malaysian data, but Indonesian sentiment is driving it higher," said one trader.

Data released for April by the Malaysian Palm Oil Registration and Licensing Authority (PORLA) was viewed as bearish by traders.

PORAL pegged April palm oil output at 617,608 tons 3.17 percent up from 598,612 tons in March.

In Indonesia the key palm oil loading port of Belawan is working normally, but palm oil trading in Medan and Jakarta has been paralyzed by the riots .

Crude palm oil sellers were $7.50 to $15 up at the opening after Jul/Sep traded at $720 and Oct/Dec at $705 a ton.

Doubts over whether the ports in Indonesian will stay open continued to push coconut oil higher with sellers $10 a ton up to Europe after Jul/Aug traded at $760 and Aug/Sep at $770 and $775 a ton.

Palmkernel oil opened $15 to $25 a ton up with no early trade reported.