Prices on the European vegetable oils market were mixed on Friday as the market reacted to earlier losses in Malaysian palm oil and US soyaoil futures, as well as fresh movements in the euro-dollar rate. Activity was light after a volatile week that has seen oilseed markets digest world supply-and-demand forecasts from the US government and monthly palm stocks data in Malaysia.
Malaysian palm oil futures fell to a two-week low on concerns about oversupply, although they trimmed losses by the close to limit pressure on European prices. In Europe, crude palm oil was offered unchanged to up $2.50 a tonne from Thursday by the end of the session. Palm olein offers were also flat to $2.50 higher, with some buying interest underpinning prices. Dollar-denominated products also drew support from an easing in the dollar as the euro rose on hopes of a deal between Greece and its creditors.
Comments
Comments are closed for this article.