Soyoil futures rallied for the fourth consecutive trading day, extending their upturn in prices on bullish planting issues for Canadian canola and the unwinding of meal/oil spreads, analysts said. The market continued its recovery bounce from prior losses, with spillover support from firm crude oil futures adding strength. However, disappointment over news the U.S. Senate failed to revive a $1-per-gallon government tax incentive for the biodiesel industry took some edge off prices. Soyoil is the primary feedstock for U.S. biodiesel production. July soyoil settled 0.32 cents, or 0.8%, higher at 38.13 cents per pound.(Source: CME)
Palm off 7-mth lows as risk appetite returns.
KUALA LUMPUR, June 16 (Reuters) - Malaysian crude palm oil futures rose after hitting seven-month lows earlier in the day as healthy demand for European debt securities re-ignited hopes for global economic growth.
"(There was some) technical buying as some players thought that the market was a little oversold," said a trader in Kuala Lumpur. "(But) gains were capped by a lack of fresh bullish fundamentals."
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