Palm oil on the European vegetable oils market rose on Thursday on the back of a strong ringgit and expected lower output in November. Markets were quiet due to the absence of direction from Chicago markets due to the US Thanksgiving Day holiday. "Thanksgiving Day is always quiet with many players absent and hardly any leads to work with," one broker said.
Palm oil was mostly offered between $2.50 and $12.50 a tonne higher because of the strong ringgit after Malaysian palm oil futures closed between 17 and 54 ringgit per tonne up on falling output, with many palm investors looking for fresh direction from an industry gathering this week in Bali. Many market participants were in Hamburg, for the Grofor trade dinner. Lauric oils followed the firmer trend in palm oil and were offered between $5 and $15 a tonne up from Wednesday. Palmkernel oil was at a discount to coconut oil of around $280 a tonne.
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