Palm oil on the European vegetable oils market was offered in a tight range on Thursday as support from bargain buying of Malaysian palm oil futures was limited by expectations of growing output and falling demand. Asking prices for palm oil were between $5 a tonne down and $2.50 up from Wednesday after Malaysian palm oil futures closed between one and 12 ringgit per tonne higher.
"After several days of declining prices it was about time for some bargain hunting," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.03 cents per lb lower and 0.09 cents higher on technical buying as Chicago traders were selling soyameal futures on decent crop weather in the US Midwest and disappointing weekly US export sales and buying soyaoil contracts. A rebound in energy prices also supported soyaoil futures.
EU rapeoil was offered between one and three euros lower, tracking weaker rapeseed futures, which followed losses in CBOT soyabeans. Coconut oil dropped several dollars early in the day. Once buyers were found prices rose again to, or even above, initial asking prices.
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