Palm oil on the European vegetable oils market was offered mostly firmer on Friday ahead of next week's Price Outlook Conference in Kuala Lumpur and MPOB supply/demand data due on March 10.
Asking prices for palm oil were between $2.50 and $10 a tonne higher after Malaysian palm oil futures closed between 21 ringgit per tonne up and 24 ringgit down with nearby positions supported by talk that February ending stocks could remain flat, while forecasts for improved production in the coming months weighed on later contracts.
"Sentiment is mixed with a bullish feeling getting the upper hand ahead of the conference and the stocks data," one broker said.
At 1730 GMT CBOT soyaoil futures were between 0.06 cents per lb up and 0.15 cents down, supported by firmer energy markets and technical buying, while weakness in Chicago soyabean futures limited gains.
EU rapeoil was mostly offered between flat and two euros per tonne up, tracking stronger energy prices, which could boost demand from biodiesel makers. Slightly firmer CBOT soyaoil also added to the strength. Easier rapeseed futures, reflecting the global oilseeds supply outlook, capped gains.
Lauric oils were mostly offered between unchanged and $25 a tonne up as some demand showed. The rebound could be an indication that the market was hitting a trough following recent sharp losses on concerns over tight supplies and low production.
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