Palm oil on the European vegetable oils market was offered little changed on Friday after Malaysian palm oil futures closed in a tight range ahead of the weekend. Palm oil was offered between $2.50 a tonne up and $2.50 down for front positions while the last half of 2017 was quoted between $12.50 and $20 down.
Malaysian palm oil futures closed between five ringgit per tonne up and 10 ringgit down after hitting their highest in more than four years before closing in negative territory on weakness in related oils and a stronger ringgit. "After the hectic days following Opec's deal to cut production it seemed markets were taking a breather ahead of the weekend, with little fresh leads to work with," one broker said.
At 1730 GMT CBOT soyaoil futures were between 0.01 and 0.22 cents per lb lower due to a technical correction following recent gains after the Opec deal caused a steep rally in energy markets. EU rapeoil continued strong with asking prices between two and seven euros per tonne up from Thursday on hopes that higher energy prices will boost demand from biodiesel producers. Prices came off the highs due to a weaker dollar, which weighs on euro-priced products and because of easier rapeseed futures due to some technical selling.
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