Palm oil on the European vegetable oils market was stronger on Tuesday, tracking gains in Malaysian palm oil futures on the back of a weaker ringgit, which could boost Malaysian palm oil exports. Asking prices for palm oil were between $2.50 and $10 a tonne higher after Malaysian palm oil futures closed between 33 and 51 ringgit per tonne higher on export hopes as a lower ringgit makes palm cheaper for foreign buyers.
At 1630 GMT, CBOT soyaoil futures were between 0.03 and 0.13 cents per lb lower on technical selling as CBOT traders bought soyameal futures and sold soyaoil contracts. Firmer energy markets limited the losses.
EU rapeoil was quoted two euros per tonne up from Monday on the back of a stronger dollar, which underpins products quoted in euros. Firmer rapeseed futures, which followed the stronger trend in CBOT soyabeans, also supported rapeoil prices.
Coconut oil was offered between $5 and $12.50 a tonne lower on a lack of buyers and due to a stronger dollar, which weighs on products quoted in that currency.
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