Palm oil on the European vegetable oils market was offered firmer on Wednesday following a rally in energy prices, which also supported Malaysian palm oil futures. Asking prices for palm oil were between $2.50 and $7.50 a tonne higher after Malaysian palm oil futures closed between 12 and 24 ringgit per tonne up.
Stronger energy markets could boost demand for vegetable oils from biodiesel producers. At 1630 GMT, CBOT soyaoil futures were between 0.20 and 0.28 cents per lb higher, following gains in energy markets and because of technical buying. New crop EU rapeoil was quoted between three and five euros per tonne down, following losses in rapeseed futures and due to a weaker dollar, which weighs on euro-priced products. Lauric oils were offered between $10 and $35 a tonne higher, tracking higher palm oil and soyaoil futures and because more aggressive sellers vanished during the day, brokers said. Demand remained slow.
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