Palm oil on the European vegetable oils market was mostly higher on Thursday on a stronger ringgit and tracking firmer Malaysian palm oil futures on concerns over production. Asking prices for palm oil for June and July were between $5 and $7.50 down on technicals, while offerings from August onwards were between unchanged and $10 up from Wednesday, with the stronger ringgit making palm oil more expensive for foreign buyers. Malaysian palm oil futures were between 12 euros and 46 euros a tonne higher.
"Players believe that June palm output could drop as many plantation workers will take time off during Muslim holidays following Ramadan," one broker said. CBOT soyaoil futures were between 0.22 cents and 0.51 cents per lb up at 1630 GMT on technical buying.
EU rapeoil was mostly offered between unchanged and 5 euros a tonne higher, tracking gains in CBOT soyaoil futures and supported by a strong dollar, which underpins euro-priced products. The strong dollar and sellers prepared to lower asking prices ideas caused lauric oils to drop to between unchanged and $55 a tonne.
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