ROTTERDAM: Palm oil on the European vegetable oils market edged higher on Monday on the back of stronger CBOT soyoil futures and a weaker dollar. Business was slow, with no direction from Malaysian palm oil futures because of a public holiday.
Asking prices for palm oil were between unchanged and $5 a tonne higher. A weak dollar underpinned asking prices quoted in the currency.
At 1630 GMT, CBOT soyoil futures were between 0.03 and 0.15 cents per lb higher on technicals as CBOT dealers were selling soymeal contracts and buying back soyoil futures.
EU rapeoil was offered between one and five euros per tonne lower because of slack demand and the weaker dollar, which weighs on products priced in euros. Lower rapeseed futures also weighed.
Lauric oils were mostly offered between flat and $10 a tonne lower on the back of the weaker dollar and lack of demand due to the absence of Malaysian players.
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