Palm oil on the European vegetable oils market was mostly firmer on Monday following the trend in Malaysian palm oil futures on the back of talk of solid demand ahead of Ramadan, which starts later this month. Asking prices for palm oil were between $17.50 a tonne a tonne higher and $12.50 lower after Malaysian palm oil futures closed between 25 ringgit up and 15 ringgit down. "It is usual that demand for palm oil for cooking from Muslim countries picks up ahead of the month of Ramadan," one broker said.
At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.16 cents per lb up on technical buying as Chicago traders sell soyameal contracts and buy back soyaoil futures. Old crop EU rapeoil was offered between flat and two euros per tonne down from Friday, while new crop, starting in August, was offered between unchanged and two euros up, tracking stronger rapeseed futures on technical buying. Lauric oils were mostly offered between flat and $20 a tonne up, tracking firmer palm oil futures. June/July shipment coconut oil was at a $540 per tonne premium over palmkernel oil.
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