ROTTERDAM: Palm oil prices on the European vegetable oils market were mostly firmer on Monday, tracking strength in Malaysian palm oil futures on talk of lower than expected output growth.
Asking prices were between $2.50 a tonne down and $5 a tonne up after Malaysian futures closed between 16 ringgit and 30 ringgit a tonne higher, supported by forecasts of slower than expected output growth and technical buying despite weaker export data from cargo surveyors.
"Strength in palm oil futures despite a recent string of bearish news keeps puzzling the European cash market, but cash prices follow futures up," one broker said.
CBOT soyoil futures were between 0.35 and 0.41 cents per lb up at 1630 GMT on technical buying.
EU rapeoil was mostly offered between unchanged and 3 euros a tonne down, tracking weakness in rapeseed futures on the back of the outlook for ample global oilseed supplies and pressured by weak energy markets.
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