Palm oil on the European vegetable oils market was little changed on Friday with the market stabilising after rising earlier in the week. Sellers raised asking prices for April crude palm oil by $5 a tonne to $745, a level which traded, but further forward positions ranged from unchanged to $5 a tonne lower.
Crude palm oil prices have risen about five percent this week, boosted by improving exports and concerns that a potential El Nino weather event could curb production. Malaysian palm oil futures had ended slightly higher on Friday while CBOT soyaoil also edged up with the most active contract 0.15 percent higher at 32.31 cents per lb at 1718 GMT.
EU rapeoil was offered between one euro per tonne lower and four euros higher in subdued conditions. Prices were underpinned by a weak euro. Lauric oils also stabilised after rising earlier in the week on concerns about El Nino and stronger palm oil prices. Palmkernel oil asking prices ranged from $5 a tonne higher to $5 lower. Coconut oil offers were unchanged to $5 a tonne lower but no trades were reported.
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