Palm oil on the European vegetable oils market eased on Thursday as a weaker ringgit made dollar-priced palm oil and refined products cheaper. At the same time the ringgit supported Malaysian palm oil futures on hopes for improved export demand. "Currencies were again the driving force in the European cash market and the lower levels in palm oils attracted some business today," one broker said.
Palm oil was offered between $2.50 and $17.50 a tonne down from Wednesday on the ringgit weakness and a strong dollar also weighed on dollar-priced products. Malaysian palm oil futures closed between 17 and 29 ringgit per tonne higher, boosted by a weaker ringgit and tracking other vegetable oils. At 1730 GMT CBOT soyoil futures were between 0.21 and 0.26 cents per lb down on expectations of rising global supplies as crop weather in the Brazilian soybean belt was improving, speeding up planting of the 2015/16 crop.
Liquid oils -EU rapeoil, soyoil and sunoil- were mostly offered between unchanged and seven euros per tonne up from Wednesday supported by a stronger dollar, which underpins euro-priced products. Demand was slack. Lauric oils were offered hardly changed from Wednesday with stronger Malaysian palm oil futures balancing with a strong dollar, which weighs on dollar-priced products.
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