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Palm oil easier on follow-through selling

palm-oilROTTERDAM: Palm oil on the European vegetable oil market slipped further on Wednesday because of follow-through technical selling on worries over the global economy and prospects for further growth of palm oil stocks.


* "The worries over the US economy and therefore the growth of the global economy pressured prices in various markets. Markets closed a touch off the lows on some bargain hunting," one broker said.


* Palm oil was offered between $5 and $12.50 a tonne down from Tuesday after Malaysian palm oil futures closed between 15 and 29 ringgit per tonne down on concerns over the US budget woes that could hamper global economic growth and therefore demand for commodities.


* Jan/March RBD palm olein traded $10 down from Tuesday between $825 and $817.50 a tonne fob Malaysia, April/June changed hands between $850 and $845, also down $10 also.


* At 1700 GMT CBOT soyoil futures were 0.05 and 0.43 cents per lb down in a technical correction on Tuesday's gains of more than half a cent.


* Liquid oils - soyoil, rapeoil and sunoil, were offered between two euros down and seven euros per tonne up from Tuesday following Wednesday's strong close in CBOT soyoil futures and stronger rapeseed futures.


* EU rapeoil traded three euros up from Tuesday at 925 euros per tonne fob exmill for Feb/April, May/July fetched between 927 euros, up two euros, Aug/Oct changed hands at 914 and 912 euros and 920 euros was paid for Nov/Jan 2013.


* Lauric oils were offered between $5 per tonne down and $25 up from Tuesday after Feb/March coconut oil changed hands at $840 a tonne per tonne cif Rotterdam. No deals were reported in palmkernel oil.


Copyright Reuters, 2012


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