Palm oil on the European vegetable oils market edged higher, tracking gains in Malaysian palm on the back of bargain-buying and support from a weaker ringgit. The downward correction in the ringgit currency after recent gains makes palm oil cheaper for foreign buyers, lifting palm oil futures on hopes that export demand will pick up.
Asking prices for palm oil were between unchanged and $12.50 a tonne higher, also supported by the weaker dollar, after Malaysian futures closed 18-24 ringgit up. "Business was slow due to lack of direction from Chicago markets because of the Thanksgiving holiday on Thursday and lack of participation while many players made their way home from a large trade dinner in Hamburg last night," one broker said.
EU rapeoil was quoted between 2 euros and 10 euros a tonne down from Thursday, following technical weakness in rapeseed futures and because of the dip in the dollar, which weighs on euro-priced products. Lauric oils were mostly offered between unchanged and $10 a tonne higher, also supported by dollar weakness.
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