date:Mar 10, 2014
Palm oil on the European vegetable oils market continued to rise on Thursday on concerns that dry weather in Asia could reduce output and because of gains in rival soyaoil. Palm oil follows the trend in soyaoil and soyaoil tracks palm oil, both on worries over global supply. It at the moment like a dog chasing its tail, one broker said.
Palm oil was offered between $7.50 and $20 a tonne up from Wednesday, underpinned by a dip in the dollar after Malaysian palm oil futures closed between five a