Palm oil on the European vegetable oils market was offered firmer on Friday in very slow trade due to limited participation ahead of the Christmas break. The market is closed for Christmas on Monday and Tuesday and will reopen on Wednesday December 27.
"Aggressive selling vanished because of lack of buying interest as many were winding down business ahead of the holiday season," one broker said. Asking prices for palm oil were between unchanged and $20 a tonne higher after Malaysian palm oil futures closed between six ringgit per tonne up and 13 ringgit down.
Futures ended off the lows, hit early in the session, on the back of bargain buying and covering ahead of the holiday season. At 1830 GMT, CBOT soyoil futures were between 0.04 and 0.17 cents per lb up on short-covering ahead of the long holiday weekend.
EU rapeoil was offered between unchanged and one euro per tonne up from Thursday, following the firmer trend in Chicago soyoil and supported by a stronger dollar, which underpins euro-priced products. Lauric oils were offered between unchanged and $20 a tonne higher, tracking gains in palm oil and because sellers vanished more and more during the day.
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