Palm oil on the European vegetable oils market was firmer on Friday, tracking gains in Malaysian palm oil futures on forecasts for stronger export data and pre-weekend short-covering. Asking prices for palm oil were between $7.50 and $12.50 a tonne higher after Malaysian palm oil futures closed between 18 and 32 ringgit per tonne up. "The rebound in palm oil caused some bargain buying in the cash market as well," one broker said.
At 1730 GMT CBOT soyaoil futures were between 0.11 and 0.16 cents per lb firmer on bargain buying following recent declines on expectations for a huge South American soyabean crop and a forecast for larger than expected soyabean plantings this year. EU rapeoil was offered between flat and two euros per tonne up, tracking firmer CBOT soyaoil futures. Technical selling in rapeseed futures limited gains. Lauric oils continued to weaken with asking prices between $15 and $40 a tonne down. A lack of buyers and fading concerns about tight supplies because of improving production continued to weigh on prices.
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