ROTTERDAM: Palm oil on the European vegetable oils market firmed on Thursday on the back of improved Malaysian palm oil exports, which lifted palm oil futures.
Asking prices for palm oil were mostly offered between unchanged and $7.50 a tonne up from Wednesday. Malaysian palm oil futures closed between 28 and 48 ringgit per tonne higher, supported by data showing lower production and improved exports.
A weaker ringgit, which makes the oil cheaper for buyers holding foreign currencies, also lent support.
The Southern Peninsula Palm Oil Millers' Association (SPPOMA) released data on Thursday noting a drop of 21.8 percent in production for January.
At 1730 GMT CBOT soyoil futures were between 0.22 and 0.32 cents per lb higher on technical buying on the back of strong export sales.
Old crop EU rapeoil was quoted at between one and eight euros per tonne down, while new crop, from August onwards, was offered at between three and four euros higher because of technicals.
Lauric oils followed the trend in palm oil and were supported by a softer dollar, which underpins dollar-priced products. Offerings were between unchanged and $30 a tonne up from Wednesday.
EUROPEAN VEG OILS TRADES CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne cif Rotterdam Feb 805 Apr/Jun 755 (+2.50) RAPEOIL Dutch/EU, euros a tonne fob exmill Feb/Apr 826 May/Jul 806/804/802 Aug/Oct 764
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