OREANDA-NEWS. February 13, 2015. Palm oil prices on the European vegetable oils market rose on Thursday, mainly supported by the announcement that Malaysia will resume taxing palm exports.

The world's second-largest producer will re-start taxing exports of crude palm oil in March, a minister said on Thursday, after scrapping the duty for five months in a bid to spur demand and reduce bloated stockpiles.

The tax rate would depend on palm oil prices, he said, adding that the government would announce details on the tax policy on Feb. 16.

"People are waiting for details on the export tax in Malaysia on Monday.

The sentiment is that the market will go higher." Crude palm oil on the European market was offered between \\$2.50 and \\$7.50 per tonne higher cif Rotterdam.

The benchmark April contract on Malaysian futures had edged up 0.7 percent to 2,294 ringgit (\\$636) per tonne by Thursday's close, well above a six-week low of 2,106 ringgit hit in January.

European traders anticipated a push in activity ahead of the Chinese new year break next week. "They will try to push the market before that," one said.

CBOT soyoil futures were slightly higher by 1730 GMT in sympathy with soybeans, boosted partly by a weaker dollar.

In other markets, Brent oil futures rose to \\$57 a barrel on Thursday, as a weaker dollar and industry spending cuts offset worries about a supply glut after US crude inventories increased for a fifth consecutive week.