European vegoils: palm oil rises on output worries

Palm oil on the European vegetable oils market continued to rise on Friday on concerns about dwindling production due to the El Nino weather pattern, although prices slipped towards the end of the day. "Despite the bullish sentiments it was a slow day overall with little fresh news to work with," one broker said. Palm oil was mostly offered between unchanged and $12.50 a tonne higher after Malaysian palm oil futures closed between 18 and 30 ringgit per tonne up with dry weather expected to limit output, which could hit inventories in Malaysia.