European vegoils-Palm oil firmer on Malaysian export outlook

ROTTERDAM: Palm oil on the European vegetable oils market was slightly firmer on Thursday on a bullish Malaysian palm oil export outlook for April and in response to positioning ahead of next week's MPOB March supply/demand and stocks report.

Asking prices for palm oil were between $12.50 a tonne up and $5 down from Wednesday. Gains were capped by mostly easier Malaysian palm oil futures, which saw some profit taking following Wednesday's sharp gains.

"It looks like bearish sentiment is losing some momentum," one broker said.

At 1630 GMT, CBOT soyoil futures were between 0.14 and 0.32 cents per lb down on technical selling on the back of the outlook for a big South American soybean crop and record-high US soybean plantings.

EU rapeoil was mostly offered between one and 10 euros per tonne higher in response to underlying demand triggered by concerns over tight supplies towards the end of the crop season. A stronger dollar, which underpins euro-priced products, also provided support.

Coconut oil was offered around $40 a tonne higher on concerns over tight copra supplies, but asking prices were hardly tested. Palmkernel oil was quoted between $15 a tonne up and $10 down, mostly tracking the trend in palm oil.