Palm oil on the European vegetable oils market was mixed on Thursday supported by stronger CBOT soyaoil, while weaker palm oil futures, down on a bearish fundamental outlook, weighed. Asking prices for palm oil were between $7.50 a tonne down and $12.50 up from Wednesday after Malaysian palm oil futures closed between 37 ringgit lower and three ringgit higher, pressured by forecasts for rising output and declining demand.
"The market remained nervous but business was not substantial despite the bullish sentiment slowly taking over as Chicago turns into a weather market," one broker said. At 1630 GMT CBOT soyaoil futures were between 0.21 and 0.33 cents per lb higher on fund-driven short-covering, triggered by strength in both the corn and wheat.
EU rapeoil was offered between one and five euros per tonne higher, tracking stronger CBOT soyaoil and underpinned by both strength in rapeseed futures and a firmer dollar, which supports euro-priced products. Lauric oils were quoted between unchanged and $30 a tonne down from Wednesday as sellers eased levels to find buyers. A strong dollar also weighed on products priced in the currency.
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