Palm oil on the European vegetable oils market rose on Thursday on expectations for lower output during October and forecasts of higher purchases by top consumer India. "Less production and improved demand could eventually lead to a decrease in still huge Malaysian palm oil stocks, which is bullish for prices," one broker said.
Palm oil was offered between $10 and $15 a tonne down from Wednesday after Malaysian palm oil futures closed between 29 and 43 ringgit per tonne up on the more bullish supply outlook and because of the weaker ringgit, which makes palm oil cheaper for buyers holding foreign currencies. At 1630 GMT CBOT soyaoil futures were between 0.08 and 0.11 cents per lb up, firming on signs of good export demand, but US harvest expectations keep buying in check. EU rapeoil was offered between one and three euros per tonne up from Wednesday, tracking CBOT soyaoil and improved demand. Palmkernel oil recovered most of the sharp losses during the day before with offerings up $50 to $55 from Wednesday.
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