Palm oil on the European vegetable oils market rose on Thursday despite weaker Malaysian futures because of a strong ringgit and strong energy markets. "The strong ringgit supported the cash market as it makes palm oil more expensive for buyers holding foreign currencies. At the same time palm oil futures ease on expectations that the same strong ringgit dampens export demand," one broker said.
Palm oil was mostly offered between $5 and $12.50 a tonne up from Wednesday after Malaysian palm oil futures closed between 21 and 34 ringgit per tonne down on the back of a stronger ringgit and profit-taking in a market that hit a 20-month high. At 1730 GMT CBOT soyaoil futures were between 0.05 and 0.25 cents per lb down on technical selling on talk that China had cancelled soyabean contracts. EU rapeoil was offered between unchanged and one euros per tonne up from Wednesday, supported by strong energy markets, while weaker CBOT soyaoil futures and slightly lower rapeseed futures, weighed.
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