Palm oil offers on the European vegetable oils market were slightly firmer on Friday on the back of stronger Malaysian palm oil futures due to a weaker ringgit and expectations of lower production. Palm oil was offered between $2.50 a tonne down and $5 up from Thursday after Malaysian palm oil closed at between 28 and 50 ringgit per tonne due to persistent weakness in the ringgit and falling output in 2016. A drop of around 10 percent in November 1-25 Malaysian palm oil exports was mostly ignored.
"There was little going on apart from some activity in Asian products because of the absence of a direction from Chicago markets until late in the European day because of Thanksgiving Holiday on Thursday," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.20 and 0.31 cents per lb down on a mild correction following Wednesday's sharply higher close on the back of bullish US renewable fuels targets. Weak energy markets also weighed.
EU rapeoil was offered between three and ten euros per tonne lower, tracking weaker rapeseed futures and pressured by weak energy markets. Lauric oils were mostly offered between $5 and $15 a tonne up, tracking the firmer trend in palm oil and supported by a slightly weaker dollar, which underpins prices quoted in that currency.
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