Palm oil on the European vegetable oils market edged higher on Monday in slow trade following stronger Malaysian palm oil futures on the back of a weaker ringgit and because of lower than expected April Malaysian palm oil ending stocks. The weaker ringgit underpins futures as palm oil gets cheaper for foreign buyers and could boost export demand.
Asking prices for palm oil were mostly between $2.50 and $5 per tonne higher after Malaysian palm oil futures closed between 11 and 49 ringgit per tonne up.
At 1630 GMT, CBOT soyaoil futures were between unchanged and 0.13 cents per lb higher, tracking technical strength in Chicago soyabeans and supported by firmer energy markets, while technical selling in soyaoil limited gains. CBOT traders were buying soyameal futures and selling soyaoil contracts. EU rapeoil was quoted around one euro per tonne higher, tracking firmer Chicago soyaoil and stronger rapeseed futures, which followed the stronger trend in CBOT soyabean futures.
Lauric oils were offered between $15 a tonne higher and $5 lower. Prices were underpinned by stronger palm oil futures, while lack of demand and a weaker ringgit limited gains.
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