ROTTERDAM: Palm oil on the European vegetable oils market was firmer on Monday, tracking Malaysian palm oil futures which rose on stronger exports in the first half of May.
Asking prices for palm oil were mostly between $7.50 and $15 a tonne higher, also supported by a weaker dollar which underpins dollar-priced products.
Malaysian palm oil futures closed between 20 and 60 ringgit ($6.6-$13.9) per tonne higher as market sentiment rose on news of higher exports ahead of Ramadan festivities, and firm soyoil prices provided support.
"Malaysian palm oil exports during the first half of May were higher than in the same period a month ago, but compared to the first 10 days of May the rise was about half as high," one broker said.
At 1630 GMT CBOT soyoil futures were between 0.24 and 0.31 cents per lb up, supported by a rally in energy markets.
EU rapeoil was mostly offered between unchanged and two euros per tonne higher, underpinned by stronger CBOT soyoil futures, while a weak dollar and lower rapeseed futures, on a bright global oilseed supply outlook, weighed.
Coconut was offered well above Friday's traded levels but no buyer was prepared to pay that price. Palmkernel oil was quoted between $10 and $15 a tonne higher, tracking the trend in palm oil and supported by the weaker dollar.
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