Palm oil on the European vegetable oils market was offered in a tight range on Friday as strength in Malaysian palm oil futures was offset by the weaker ringgit as it makes the oil cheaper for foreign currencies. Asking prices for palm oil were between $2.50 a tonne higher and $2.50 lower after Malaysian palm oil futures closed between 13 and 23 ringgit per tonne up.
"The palm oil market did not move much because of the ringgit and also because many players were laying low ahead of fresh MPOB supply/demand and stocks figures due on Monday," one broker said. At 1700 GMT, CBOT soyaoil futures were between 0.04 cents per lb higher and 0.06 cents lower with weaker energy markets weighing as well as a dip in Chicago soyabeans on much needed rain falling in Argentine soyabean growing areas.
EU rapeoil was quoted between two euros per tonne up from Thursday and two euros down, supported by a strong dollar, which underpins products priced in euros. Weaker energy markets weighed as they could dampen demand from biodiesel producers. Coconut oil was offered around $10 a tonne higher, tracking stronger palm oil futures, while palmkernel oil was quoted between unchanged and $10 a tonne lower because of the weaker ringgit. The spread between coconut oil and the cheaper palmkernel oil was $120 a tonne for February/March shipment.
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