European vegoils-Palm oil up as weak ringgit underpins futures

ROTTERDAM: Palm oil on the European vegetable oils market continued to rise on Thursday, tracking stronger Malaysian palm oil futures on the back of a weaker ringgit which makes palm oil cheaper for foreign buyers.

Asking prices for palm oil were between unchanged and $7.50 a tonne higher after Malaysian palm oil futures closed between 15 and 36 ringgit up, also supported by strong energy markets, which could boost demand for vegetable oils from biodiesel producers.

At 1600 GMT, CBOT soyoil futures were between 0.05 and 0.23 cents per lb higher because of technical buying and because of a proposal by the U.S. Environmental Protection Agency for a higher 2019 biofuels mandate.

EU rapeoil was mostly quoted between nine and 10 euros per tonne higher on concerns over dry weather in main rapeseed growing areas and because the European Commission cut its monthly rapeseed output to 20.8 million tonnes from 21.7 million, which also supported rapeseed futures.

Lauric oils were offered $10 to $20 a tonne up from Wednesday, tracking strength in local markets and because of stronger palm oil levels. Buyers were still hard to find, brokers said.    EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Aug/Sep 600 Oct/Dec 605/610 (+5) Jan/Mar 627.50 (+2.50) Apr/Jun 637.50/640 (+5)

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Jul 602.50