Crude palm oil on the European vegetable oils market eased on technical selling, with Malaysian palm oil futures closing with a slight decline because of a firmer ringgit. "Crude palm oil started firmer on the back of the stronger ringgit, but it wore off during the day caused by some profit-taking," one broker said. "Refined products stayed relatively firm because of the ringgit, but also saw a retreat on profit-taking when highs were reached early in the day."
Crude palm oil was mostly offered between $5 and $20 a tonne down from Wednesday after Malaysian palm oil futures closed between 1 ringgit and 26 ringgit a tonne lower on profit-taking following recent gains and because of a stronger ringgit and weaker export demand. CBOT soyoil futures were up by between 0.17 cents and 0.29 cents per lb at 1730 GMT on technical trade, with dealers selling the CBOT soymeal contract and buying soyoil on the back of recent strong energy markets.
EU rapeoil was offered between 2 euros and 5 euros a tonne down on the back of a weak dollar, which weighs on euro-priced products. Lauric oils were supported by the dollar weakness, with sellers offering material between $5 and $25 a tonne up from Wednesday. Palmkernel oil was also underpinned by the stronger ringgit and mild underlying interest.
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