Palm oil on the European vegetable oils market firmed again on Friday due to concerns over the El Nino weather pattern that could cause dry weather and cut yields, and because of a strong ringgit. "The European cash market drifted gently into the weekend with little fresh news to worry about and players already looking for new industry data due next week," one broker said.
Palm oil was mostly offered between unchanged and $7.50 a tonne higher on a strong ringgit after Malaysian palm oil futures closed barely changed. At 1730 GMT, CBOT soyaoil futures were between 0.21 and 0.68 cents per lb higher on technical buying. EU rapeoil was offered between seven and 15 euros per tonne down from Thursday.
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