Palm oil edges up on European vegoils market

Palm oil on the European vegetable oils market was offered mostly firmer on Thursday, tracking gains in Malaysian palm oil futures that were buoyed by technical buying. Asking prices for palm oil were mostly between unchanged and $7.50 a tonne higher after Malaysian futures closed between 12 and 20 ringgit per tonne up.
"Although we saw a few trades here and there, most markets were pretty subdued with players waiting for the outcome of the USDA October supply/demand report, due later in the day," one broker said. At 1600 GMT, CBOT soyaoil futures were between 0.09 and 0.24 cents per lb down on technical selling as CBOT traders sold soyaoil contracts and bought back soyameal futures. Lower energy markets also weighed. EU rapeoil was offered between unchanged and four euros per tonne firmer on technicals and positioning ahead of the USDA reports.