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Palm oil down on demand concerns

palm--oilROTTERDAM: Palm oil on the European vegetable oils market eased on Monday because of an uncertain demand outlook and players waiting for fresh market data later in the week.


* Malaysian palm exports for the first 10 days of January and MPOB palm oil stocks for December are due on Thursday and on Friday USDA supply/demand data will be issued.


* " Profit taking in Malaysia and expectations that already record high palm oil stocks could grow further and last Friday's weak CBOT close on generally favorable crop weather in South America weighed on palm oil prices with buyers holding back waiting for the market to bottom out," one broker said.


* Palm oil was offered between $7.50 and $20 a tonne down from Friday after Malaysian palm oil futures closed between 30 and 58 ringgit per tonne down on concerns over demand. 


* February delivery RBD palm olein changed hands between $820 a tonne fob Malaysia, March delivery fetched $830, April/June traded $12.50 a tonne down from Friday between $857.50 and $847.50 and between $872.50 and $860 was paid for July/Sept, down $25.


* At 1700 GMT CBOT soyoil was between 0.37 and 0.39 cents per lb up in a technical rebound from Friday's losses, when soyoil futures fell substantially.


* EU rapeoil was offered between unchanged and three euros per tonne up from Friday in sympathy with CBOT soyoil and steadier rapeseed futures.


* Feb/April EU rapeoil changed hands at 898 euros per tonne fob exmill, up one euro from Friday, May/July traded unchanged at 900 euros and Aug/Oct fetched 890 euros fob.


* Lauric oils were offered between $5 and $10 a tonne down from Friday in line with palm oil, but buyers showed little interest despite the weaker values and no business was reported.


Center>Copyright Reuters, 2013


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