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.