Palm oil on the European vegetable oils market rose on Thursday following gains in Malaysian palm oil futures because of lower than expected October ending stocks. Palm oil was offered between $5 and $15 a tonne up from Wednesday after Malaysian palm oil futures closed between 25 and 49 ringgit per tonne up, supported by the October stocks data. A weak ringgit, which makes the oil cheaper for foreign buyers, helped the strengthening. A 13.8 drop in November 1-10 Malaysian palm oil exports was mostly neglected.
"Although stocks data in both the US on Wednesday and today in Malaysia was higher, prices for both soyaoil and palm oil rose today, which looked like it was caused by technical buying by players defending long positions," one broker said. At 1700 GMT CBOT soyaoil futures were between 0.24 and 0.37 cents per lb up on technical buying. Easier energy markets and a strong dollar limited gains. Liquid oils - EU rapeoil, soyaoil and sunoil - were between two and 10 euros per tonne higher, tracking stronger CBOT soyaoil and supported by both firmer rapeseed futures and the strong dollar, which underpins euro-priced products.
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