Palm oil on the European market eased on Friday, driven by bearish Malaysian Palm Oil Board ending stocks for July and a strong dollar. Asking prices for palm oil were $2.50 to $5 a tonne lower after Malaysian palm oil futures closed between eight ringgit per tonne down and 13 ringgit up, supported by a weak ringgit.
This, along with improved exports during the first 10 days of August, boosted market hopes for increased export demand. CBOT soyaoil futures were slightly lower at 1600 GMT, in anticipation of a bearish USDA crop and supply/demand report for soyabeans which was due later.
Meanwhile, European Union rapeoil was firmer on the back of tight supplies and technical demand. A strong dollar also supported prices quoted in euros. Asking prices were between three euros per tonne up from Thursday and unchanged.
Lauric oils were quoted between $2.50 and $30 a tonne higher on the back of improved buying interest early in the day.
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