Palm oil on the European vegetable oils market was firmer on Tuesday, the first trading day of 2018, because of a stronger ringgit and higher Malaysian palm oil futures. Asking prices for palm oil were between $7.50 and $17.50 a tonne higher after Malaysian palm oil futures closed between 23 and 29 ringgit per tonne up on improved exports during December.
"Malaysian palm oil exports in December were almost 10 percent up and December production is expected to be lower. The question remains if that will be enough to take a serious bite out of the huge palm oil stocks," one broker said. At 1830 GMT, CBOT soyaoil futures were between 0.03 and 0.16 cents per lb up on concerns about dry conditions and supported by gains in rival palm oil.
EU rapeoil was quoted between flat and three euros per tonne up from Friday, before the New Year break, tracking firmer Chicago soyaoil and underpinned by technical strength in rapeseed futures. Lauric oils were mostly offered between $5 and $25 a tonne higher, following stronger palm oil and underpinned by a firmer ringgit.
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