Asking prices for palm oil on the European vegetable oils market were mixed on Thursday with some concerns over production and supplies easing the pressure from weaker Malaysian palm oil futures. Palm oil was mostly offered between $5 a tonne up and $5 down after Malaysian palm oil futures closed between 15 and 52 ringgit per tonne down a firmer ringgit which could slow export demand because the oil gets more expensive for buyers holding foreign currencies, triggered technical selling.
"It seemed like the European cash market looked more at fundamentals in palm oil than at technicals, like the futures market did today and that cushioned losses," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.04 and 0.09 cents per lb up on technicals as Chicago dealers were selling soyameal futures and bought back soyaoil contracts.
EU rapeoil was quoted between unchanged and five euros per tonne down, following the easier trend in CBOT soyaoil and slightly weaker rapeseed futures. A dip in the dollar also weighed on euro-priced products. Lauric oils continued firm on concerns over tight supplies and support from the stronger ringgit. Asking prices were between $10 and $25 a tonne higher.
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