Palm oil on the European vegetable oils market firmed on Monday as Malaysian palm oil futures edged higher on expectations for improved exports during February. Malaysian palm oil futures were closed on Friday for Lunar New Year celebrations. Trade on Monday was slow in most products due to the absence of a direction from Chicago markets because of the President's Day holiday.
"Business was quiet as most players used today to re-orientate because Chicago markets were closed," one broker said. Asking prices for palm oil were between unchanged and $10 per tonne higher after Malaysian palm oil futures were mostly between five and 12 ringgit per tonne higher. Traders were looking ahead to February 1-20 Malaysian palm oil exports, due on Tuesday. EU rapeoil was offered between unchanged and six euros per tonne higher, underpinned by firmer rapeseed futures, on the back of expectations of tighter world oilseeds supplies, and a stronger dollar, which supports euro-priced products.
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