ROTTERDAM: Palm oil in the European vegetable oils market was mostly firmer on Monday but trade was very thin as the Malaysian palm oil futures market was closed for a public holiday.
Asking prices for palm oil were mostly between $7.50 and $12.50 a tonne higher, tracking technical strength in Chicago soyoil futures on Friday.
"Prices were also up on a lack of participation from Asian players, which caused less sellers around, and strength in soyoil on Friday and firmer energy markets pushed prices up," one broker said.
At 1630 GMT CBOT soyoil futures were down by between 0.14 and 0.36 cents per lb on technical selling and because of rumours that China has ramped up checks on imports of genetically modified beans, which could affect US soybean exports.
EU rapeoil was offered between four and seven euros per tonne up from Friday, supported by a stronger dollar, which underpins products quoted in euros. Firmer energy prices and technical strength in rapeseed futures both also added to the firmer rapeoil quotes.
Lauric oils were offered hardly changed from Friday due to the absence of Asian players. The spread between coconut oil and palmkernel oil for July/August shipment was $620 a tonne.
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