Palm oil on the European vegetable oils market rose on Monday due to a weak ringgit that boosted Malaysian palm oil futures. “The market was slow today without many leads to work with, except currencies. The weak ringgit underpinned palm oil futures, but limited gains on the European cash market and the strong dollar supported euro-priced products, while weighing on those quoted in dollars,” one broker said.
Palm oil was offered between unchanged and $10 a tonne up from Friday after Malaysian palm oil futures closed between 38 and 60 ringgit per tonne higher, on the weaker ringgit and underlying technical support. At 1730 GMT CBOT soyaoil futures were between 0.01 and 0.18 cents per lb down because of a strong dollar and due to weakness in energy markets.
Liquid oils -EU rapeoil, soyaoil and sunoil- were mostly offered between unchanged and 10 euros per tonne higher on the back of the dollar and Friday’s firmer CBOT soyameal futures close. Weaker rapeseed futures and a mild dip in the dollar late in the day limited gains in rapeoil. Palmkernel oil slipped between $25 and $30 a tonne as sellers lowered asking prices to find buyers, but those were thinking about even lower levels.