Palm oil on the European vegetable oils market rose on Thursday, tracking gains in Malaysian palm oil futures on bargain buying and as a weaker ringgit sparked hopes for improved export demand. Asking prices for palm oil were between $2.50 and $15 per tonne higher after Malaysian palm oil futures closed between 16 and 31 ringgit per tonne up.
"As energy markets remain strong and some experts say crude mineral oil could hit $100 a barrel, players expect improved demand for vegetable oils by biodiesel producers, which underpins prices," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.41 and 0.56 cents per lb higher on technicals, with CBOT traders selling soyameal futures and buying soyaoil contracts.
EU rapeoil was quoted between three and four euros per tonne higher, tracking gains in CBOT soyaoil and supported by higher rapeseed futures. Lauric oils were offered between flat and $5 a tonne down from Wednesday on the back of slack demand and because of a lower ringgit.