Palm oil on the European vegetable oils market continued firmer on Friday on a stronger ringgit and weaker dollar. "Currency was the main trigger today, while there was little other fresh news to work with," one broker said. Palm oil was mostly offered between unchanged and $7.50 a tonne higher on the ringgit, which makes palm oil more expensive for foreign buyers. Malaysian palm oil futures closed mostly between unchanged and 12 ringgit down as the strong ringgit could hamper export demand, which is already slow.
At 1730 GMT CBOT soyaoil futures were between 0.34 and 0.51 cents per lb up on a technical buying and short-covering. Strong energy markets also supported soyaoil futures. EU rapeoil was offered between seven and 10 euros per tonne up from Thursday, tracking stronger soyaoil futures and gains in mineral oil prices as well as in European rapeseed futures. Improved demand was also supportive. Lauric oils were mostly offered around $5 a tonne higher on the back of a weak dollar, which supports dollar-priced products.
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