ROTTERDAM: Palm oil prices on the European vegetable oils market edged higher on Monday because of stronger CBOT soyoil and a firmer ringgit. Trade was slow ahead of industry data due this week.
On Tuesday MPOB will release the Malaysian palm oil stocks report for September and cargo surveyors will issue October 1-10 Malaysian palm oil export data on the same day. USDA will issue its monthly crop and supply/demand reports on Thursday.
Asking prices for palm oil were mostly between $2.50 and $7.50 a tonne up from Friday after Malaysian palm oil futures closed between seven ringgit per tonne higher and eight ringgit lower.
"While the ringgit makes palm oil more expensive for foreign buyers and supports cash prices at the same time it weighs on futures on worries that the currency will slow down export demand," one broker said.
CBOT soyoil futures were between 0.10 and 0.24 cents per lb higher on technical buying and because of concerns that rains in key US soybean growing areas could slow harvest and at the same time lack of rains in Brazil delay soybean planting.
EU rapeoil was offered at between one euro per tonne up and one down from Friday, underpinned by strength in Chicago soyoil futures, while technical weakness in rapeseed futures limited gains.
Lauric oils were offered at between $10 and $40 a tonne higher, underpinned by the firmer ringgit and the firmer tone in rival soyoil. Sellers failed to find buying interest. The spread between coconut oil and the cheaper palmkernel oil narrowed to $40 a tonne for October/November shipment.
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