ROTTERDAM: Palm oil on the European vegetable oils market was offered in a tight range on Monday, supported by a firmer ringgit and improved Malaysian palm oil exports during the first 15 days of July, but capped by a dip in Malaysian palm futures.
Asking prices for palm oil were mostly between $5 a tonne higher and $2.50 lower after Malaysian palm oil futures closed between 11 and 20 ringgit lower as a stronger ringgit and expectations for higher production offset data showing an increase in export shipments.
"A strong ringgit makes prices in foreign currencies more expensive and supports European cash prices, but as it could hamper export demand futures ease," one broker said.
At 1600 GMT, CBOT soyoil futures were between 0.01 and 0.29 cents per lb up on technical buying and concerns about US Midwest weather.
EU rapeoil was mostly quoted between unchanged and five euros per tonne down on technical weakness in rapeseed futures and because of a weak dollar, which weighs on euro-priced products.
Lauric oils were offered between unchanged and $45 a tonne higher on the back of weakness in the dollar and strength in the ringgit. Demand remained slack.
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