Palm oil on the European vegetable oils market was offered in a tight range on Wednesday as a stronger ringgit supported cash prices, but weighed on futures due to concerns iit could hamper export demand Asking prices for palm oil were between $5 euros per tonne lower and $2.50 higher after Malaysian palm oil futures closed between four and 17 ringgit per tonne down.
"Sellers for February palm oil were prepared to drop prices to buyers' ideas, which could indicate prices could come down even further ahead of the Chinese New Year," one broker said. Malaysian markets will close early on Thursday and will be shut also on Friday for the Lunar New Year holiday. They will resume trading on February 19.
At 1730 GMT, CBOT soyaoil futures were between 0.07 cents per lb lower and 0.14 cents higher, supported by small gains in Chicago soyabeans and underpinned by stronger energy markets. EU rapeoil was quoted between two and three euros per tonne down from Tuesday, following easer rapeseed futures and a weaker dollar also weighed on euro-priced products.
Lauric oils were offered between $10 a tonne lower and $15 higher as prices eased in coconut oil when sellers tried to bridge the gap towards buyers' ideas. Palmkernel oil was supported by the stronger ringgit and improved demand.
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