ROTTERDAM: Asking prices for palm oil on the European vegetable oil market eased on Thursday on the back of a strong dollar, which weighs on dollar-priced products, market sources said.
"It is a thin market as most players have more or less closed their books for the year and only do some book squaring," one broker said.
Palm oil was offered between $5 up and $15 down from Wednesday, pressured by a strong dollar and after Malaysian palm oil futures closed between 14 and 40 ringgit per tonne down in thin trade, with players eyeing Malaysian weather.
February delivery RBD palm olein traded at $1,062.50 a tonne fob Malaysia, while March delivery changed hands at $1,060; April/June at $1,047.50 and $1,042.50, down $17.50 from Wednesday; and July/Sept traded at $1,035 fob.
At 1730 GMT CBOT soyoil futures were between 0.22 and 0.63 cents per lb down due to the strong dollar and slightly easier mineral oil.
Liquid oils - soyoil, rapeoil and sunoil - were offered between 3 euros per tonne down and 8 euros up, but there was not much demand at the end of the year. Only EU rapeoil changed hands at between 954 and 950 euros per tonne fob exmill, unchanged from Wednesday.
Lauric oils were offered $5 to $40 a tonne down from Wednesday, with the biggest drop in palmkernel oil. Coconut oil remained relatively steady on worries for a dip in production following recent heavy rains in the Philippines.
Comments
Comments are closed for this article.