Palm oil on the European vegetable oils market was firmer on Thursday, tracking gains in Malaysian palm oil futures on the back of a weaker ringgit and because of expectations for improved exports during August. Asking prices for palm oil were between $2.50 and $5 a tonne higher after Malaysian palm oil futures closed between 18 and 32 ringgit up. Malaysian markets are closed on Friday for a public holiday.
At 1630 GMT, CBOT soyaoil futures were mostly between unchanged and 0.11 cents per lb higher, supported by technical factors as CBOT dealers sold soyameal contracts and bought back soyaoil futures. Stronger energy markets also supported soyaoil as it could boost demand from biodiesel producers for vegetable oils. EU rapeoil was mostly quoted between unchanged and two euros per tonne higher, supported by firmer Chicago soyaoil futures and underpinned by a stronger dollar.
Coconut oil was offered between $5 and $10 a tonne higher, supported by gains in palm oil. Palmkernel oil was quoted between unchanged and $15 a tonne lower as lack of demand and a weaker ringgit weighed on prices.
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