Palm oil on the European vegetable oils market eased in slow trade on Friday, mostly tracking weakness in Malaysian palm oil futures. Exports were expected to rise in September but at a slower pace than originally anticipated. Asking prices for palm oil were between unchanged and $10 a tonne lower after Malaysian palm oil futures closed between seven and 21 ringgit down, hit by pre-weekend selling and positioning ahead of September Malaysian palm oil export data.
"Buyers (in Europe) were holding back to wait and see how industry data would be digested in the futures markets. Otherwise a lack of fresh leads also kept business calm ahead of the weekend," one broker said. CBOT soyaoil futures were mostly weaker during the European day on increasing confidence about US soyabean yield prospects as the harvest continues. EU rapeoil was offered between unchanged and four euros per tonne down from Thursday, tracking the weakening trend in CBOT soyaoil futures and because of a dip in the dollar. Lauric oils were mostly offered between $5 a tonne up and $25 a tonne down. Sellers were lowering prices of palmkernel oil in an effort to attract buyers and because of a weaker ringgit. The spread between coconut oil and the cheaper palmkernel oil was $120 per tonne for October/November shipment.
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