European vegoils: palm oil higher

Palm oil on the European vegetable oils market was offered mostly higher on Thursday, tracking stronger Malaysian palm oil futures and supported by firmer prices in CBOT soyaoil futures on the back of supply worries. Crude palm oil was mostly offered between unchanged and $7.50 a tonne up after Malaysian palm oil futures closed between 36 and 47 ringgit tonne higher, tracking competing vegetable oils and supported by a weaker ringgit, which makes palm oil cheaper for foreign buyers and could boost export demand.
"The market overall was nervous as Chicago was rallying on the back of concerns about South American soyabean supplies," one broker said. At 1630 GMT CBOT soyaoil futures were between 0.09 and 0.24 cents per lb higher, supported by sharp gains in CBOT soyabeans and underpinned by firmer energy markets.