Palm oil on the European vegetable oils market traded in a tight range on Thursday as expectations for weak export demand in May were offset by a firmer trend in CBOT soyaoil futures. Asking prices for palm oil were between $2.50 a tonne higher and $5 lower after Malaysian palm oil futures closed between 17 and 24 ringgit per tonne up, but off the day's highs, tracking overnight gains in Chicago soyaoil.
At 1630 GMT, CBOT soyaoil futures were 0.06 to 0.09 cent per lb higher, tracking gains in Chicago soyabean futures on expectations of increased export demand from China, the world's top soya buyer, as US-China trade tensions ease. EU rapeoil was quoted between seven and nine euros per tonne up from Wednesday, following a rally early in the day as shorts started buying new-crop positions, which drove prices as much as 14 euros higher. A mild correction followed later in the day.
Coconut oil was offered around $17.50 a tonne higher, tracking gains in palm oil futures, while palmkernel oil was quoted between $10 and $15 lower as sellers reduced levels to attract buyers.
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