ROTTERDAM: Palm oil on the European vegetable oils market was offered in a narrow range on Wednesday after Malaysian palm oil futures were hardly changed before US Department of Agriculture reports, which came too late to affect the European market.
Asking prices for palm oil were between $5 a tonne up and $5 down from Tuesday after Malaysian palm oil futures closed between 8 ringgit per tonne lower and 5 ringgit higher.
At 1630 GMT, CBOT soyoil futures were between 0.10 and 0.36 cents per lb down on technical selling and profit taking after recent gains on hot and dry weather in the US Midwest.
EU rapeoil was between 3 euros and 15 euros per tonne down on the back of weakness in CBOT soyoil and because of an easier dollar, which weighs on euro-priced products. Technical weakness in rapeseed futures also weighed.
Lauric oils were mostly offered between unchanged and $40 a tonne lower as sellers were easing prices. The spread between coconut oil and cheaper palmkernel oil was $575 a tonne for July/Aug shipments.
Comments
Comments are closed for this article.