Palm oil on the European vegetable oils market eased further on Thursday as weakness in CBOT soyaoil and forecasts for increasing production weighed on prices. Asking prices for palm oil were between unchanged and $7.50 a tonne down from Wednesday after Malaysian palm oil futures closed between 11 and 24 ringgit per tonne lower.
At 1630 GMT, CBOT soyaoil futures were between flat and 0.08 cents per lb lower, tracking weaker Chicago soyabeans on the outlook for a bumper US soyabean harvest and as worries returned over the trade war between the US and top soya buyer China. EU rapeoil was quoted between two and six euros per tonne down, following the weaker trend in Chicago soyaoil and pressured by technical weakness in rapeseed futures. Coconut oil was offered between $5 and $20 a tonne higher because of talk of tight copra supplies and due to lack of sellers.
Palmkernel oil mostly eased between flat and $15 a tonne, pressured by weakness in palm oil and because of an easier ringgit, which weighs on dollar-priced products. The gap between buyers and sellers was too big to come to business.
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