Palm oil on the European vegetable oils market eased slightly on Friday because of weaker Malaysian palm oil futures. "The firm ringgit made palm oil more expensive for players holding other currencies, but it weighed on palm oil futures because of worries over dwindling demand," one broker said. Markets were lacklustre due to the absence of direction from Chicago markets because of Independence Day holiday.
Palm oil was offered between unchanged and $5 a tonne down from Thursday after Malaysian palm oil futures closed nine to 25 ringgit a tonne down with buying interest curbed as the ringgit hit its highest in more than seven months. Liquid oils - EU rapeoil, soyaoil and sunoil - were offered in a tight range at both sides of unchanged due to the absence of direction from Chicago markets.
Coconut oil was quoted between $5 and $45 a tonne down from with sellers still outnumbering buyers and a brighter global oilseed supply outlook weighing on prices. Palmkernel oil hardly moved due to the strong ringgit and no business was seen.
