Palm oil prices on the European vegetable oils market firmed on Friday tracking stronger Malaysian palm oil futures on bargain buying and because of hopes for improved Malaysian palm oil exports during the first 15 days of July. Asking prices for palm oil were mostly between unchanged and $10 a tonne higher after Malaysian palm oil futures closed at between four and 27 ringgit per tonne up, rising off a one-week low on expectations that data from cargo surveyors to be released on Saturday and Monday will show higher exports.
At 1600 GMT CBOT soyaoil futures were between 0.06 and 0.17 cents per lb up on bargain buying a day after futures dropped on this week's welcome rains in the Midwest. Short-covering ahead of the weekend and stronger energy markets also supported soyaoil futures. EU rapeoil was at offered between one and six euros per tonne up, following stronger CBOT soyaoil futures and because firmer rapeseed futures on gains in energy markets, which could spark demand from biofuel producers. Lauric oils were offered at between unchanged and $35 a tonne down on lack of demand and weakening ringgit, which pressured palm kernel oil.
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