Palm oil was offered in a tight range on the European vegetable oils market on Monday as slightly firmer Malaysian palm oil futures were offset by a stronger dollar and weaker ringgit. Asking prices for palm oil were mostly between unchanged and $2.50 a tonne down as the strong dollar and weaker ringgit both weighed on prices quoted in dollars.
The weak ringgit supported Malaysian palm oil futures because it makes palm oil cheaper for foreign buyers, which boosts export hopes. Slightly improved exports during August also underpinned futures.
There was no direction from CBOT markets because of the Labor Day holiday in the United States. EU rapeoil was quoted between 2 euros and 3 euros a tonne up from Friday, supported by the stronger dollar, which underpins euro-priced products.