Palm oil in Europe remained firm on Thursday due to the stronger Malaysian ringgit, traders said. "The ringgit played the most important role on both the European cash market and the Malaysian futures market. Improved demand for lauric oils also helped palm oil a bit in Europe," one broker said.
Palm oil was mostly offered between unchanged and $10 a tonne up from Wednesday. Malaysian palm oil futures closed between eight and 23 ringgit per tonne down as the ringgit gained over 1 percent against the dollar and on expectations of weaker export data towards the end of February. At 1730 GMT CBOT soyaoil futures were between 0.06 and 0.14 cents per lb down as favorable crop weather in South America bolsters prospects for large harvests there. EU rapeoil was offered between four euros per tonne down and one euro up, tracking weaker CBOT soyaoil and because of slightly easier rapeseed futures, which were pressured by a bright outlook for global oilseed supplies.
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