Feedstock prices in Europe continued to move in an uptrend this week, driven mainly by increased demand and overall pressure from the vegetable oil and crude oil sector.
Crude palm oil (CPO) April-May levels on the CIF Rotterdam basis firmed by $65-75 per tonne from last week to $1,110-1,120 per tonne on the offer side and to $1,060-1,080 per tonne on the buying side, while CPO futures rose to a near 17-month high.
Higher crude oil prices make CPO a more attractive feedstock for biodiesel blending — while the Malaysian ringgit depreciated further against the US dollar by 0.6%, keeping CPO attractive to those transacting in the US dollar.
Vegetable oil market dynamics pushed used cooking oil (UCO) levels up too. Nevertheless, some European market participants hold off from showing firm offer ideas, expecting the price to go further up.
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