Palm oil on the European vegetable oils market edged up on Thursday on the back of a stronger ringgit and because of positioning ahead an industry conference in Bali and also ahead of next week's MPOB supply/demand report. Asking prices for palm oil were between $2.50 a tonne down and $5 up from Wednesday, mostly ignoring losses in Malaysian palm oil futures, which closed between five and 16 ringgit per tonne lower.
"On paper, asking prices on the European cash markets were a bit firmer, but some sellers were prepared to sell material well below those levels," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.06 and 0.19 cents per lb down on technical selling as Chicago traders were buying soyameal contracts on worries over US soyabean yields, and sold soyaoil futures.
EU rapeoil was mostly offered between one euro per tonne higher and five euros lower, tracking weaker Chicago soyaoil and pressured by a weaker dollar, which weighs on euro-priced products. Coconut oil was offered between unchanged and $10 a tonne down, tracking weaker palm oil and because of some buying interest at lower levels. Palmkernel oil was quoted around $5 a tonne up from Wednesday because of a stronger ringgit.
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