Palm oil eases on European vegoils market

Palm oil on the European vegetable oils market eased on Thursday, after Malaysian palm oil futures fell on concerns about an escalating trade dispute between the United States and China. Asking prices for palm oil were between $2.50 and $7.50 a tonne lower after Malaysian palm oil futures closed between one and 13 ringgit per tonne down. The fall also followed weak CBOT soyaoil futures. At 1630 GMT, CBOT soyaoil futures were between 0.20 and 0.36 cents per lb lower, under pressure from worries about the trade dispute between the United States and China, the world's top soya importer China. Lower energy markets also weighed.
EU rapeoil was quoted between one and two euros per tonne up from Wednesday, after rapeseed futures rose on concerns about dry weather in Europe that could reduce yields. Increased technical demand for new crop material added to strength in rapeoil. Lauric oils were offered between $2.50 a tonne higher and $5 lower. Slow demand and a softer dollar underpinned dollar-priced products, while lower palm oil and an easier ringgit weighed.