Palm oil on the European vegetable oils market firmed on Thursday on underlying nearby demand, though gains were limited by a lack of fresh leads and little direction from barely changed Malaysian palm oil futures. Asking prices for palm oil were between unchanged and $5 a tonne higher. Malaysian palm oil futures closed between unchanged and 8 ringgit a tonne lower on a slowing export demand growth outlook.
"The slightly higher levels were partly because of some positioning ahead of Friday's April 1-20 Malaysian palm oil exports, in case numbers are not as bearish as expected," one broker said. "Some buying interest for nearby material also supported prices."
CBOT soyaoil futures were between 0.02 cents per lb higher and 0.07 cents lower at 1630 GMT, pressured by technical weakness in Chicago soyabeans and underpinned by stronger energy markets. EU rapeoil was quoted between flat and 3 euros a tonne higher on the back of technical gains in rapeseed futures and supported by stronger energy markets, which could boost demand for rapeoil from biodiesel producers. Lauric oils were offered between unchanged and $5 a tonne lower, following a slightly weaker trend in palm oil futures.
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