Markets

European vegoils-Palm oil little changed as currencies offset stronger futures

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Asking prices for palm oil were mostly between unchanged and $2.50 a tonne down as the strong dollar and weaker ringgit both weighed on prices quoted in dollars.

The weak ringgit supported Malaysian palm oil futures because it makes palm oil cheaper for foreign buyers, which boosts export hopes. Slightly improved exports during August also underpinned futures.

There was no direction from CBOT markets because of the Labor Day holiday in the United States.

EU rapeoil was quoted between 2 euros and 3 euros a tonne up from Friday, supported by the stronger dollar, which underpins euro-priced products.

Lauric oils were offered between unchanged and $5 a tonne higher, with buyers and sellers in short supply.

Copyright Reuters, 2018