Palm oil on the European vegetable oils market was mostly offered in a tight range on Thursday following little movement in Malaysian palm oil futures. Asking prices for palm oil were mostly between unchanged and $2.50 per tonne higher after Malaysian palm oil futures closed between three ringgit per tonne lower and five ringgit higher in a short session ahead of Chinese New Year.
Malaysian markets will be closed on Friday and resume trading on Monday. "Although asking prices were a tad firmer in palm oil, sellers had to move well down towards buyers' levels to do business," one broker said. At 1730 GMT, CBOT soyaoil futures were between 0.04 and 0.15 cents per lb lower on technical selling and tracking slightly weaker energy markets.
EU rapeoil was quoted between four and six euros per tonne lower, following the easier trend in Chicago soyaoil and slightly easier levels in rapeseed futures. A weaker dollar also pressured euro-priced products. Lauric oils were mostly offered between flat and $10 a tonne up, supported by both slightly firmer palm oil and a weaker dollar, which underpins products quoted in that currency. Buyers were hard to find.
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