Palm oil on the European vegetable oils market firmed on Thursday following sharp gains in Malaysian palm oil futures on improving export demand and due to a dip in the dollar. Asking prices for palm oil were mostly between unchanged and $7.50 a tonne higher after Malaysian palm oil futures closed between 41 and 54 ringgit per tonne up as cargo surveyor data showed rising export demand in the first 20 days of July and because of forecasts of stronger demand from China.
"July 1-20 exports were higher than last month, but the increase was smaller than the rise reported for the first half of July," one broker said. At 1600 GMT, CBOT soyaoil futures were between 0.33 and 0.47 cents per lb higher, tracking a rally in Chicago soyabeans on concerns that hot and dry Midwest weather could hurt soyabean crop development.
EU rapeoil was mostly quoted between one euro per tonne up from Wednesday and four euros down, as a dip in the dollar weighed on euro-priced products. Technical weakness in rapeseed futures also weighed, while gains in CBOT soyaoil limited losses. The weaker dollar supported dollar-priced lauric oils with sellers offering material between $5 and $25 a tonne higher. Stronger palm oil also added to the strength.
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