Palm oil on the European vegetable oils market was offered in a tight range on Wednesday, mostly tracking easier Malaysian palm oil futures. Asking prices for palm oil were between $2.50 a tonne up and $2.50 down from Tuesday after Malaysian palm oil futures were down by between 10 and 19 ringgit a tonne.
"Prices did not move much as a bullish palm oil price outlook by (industry analyst Thomas) Mielke was offset by bearish forecasts by his colleagues (Dorab) Mistry and (James) Fry," one broker said. CBOT soyaoil futures were between 0.08 and 0.12 cents per lb lower at 1630 GMT on technical selling as CBOT traders bought soyameal futures and sold soyaoil contracts.
EU rapeoil was mostly quoted between 1 euro and 8 euros a tonne down on the weaker trend in Chicago soyaoil and because of a weak dollar, which weighs on euro-priced products. Technical selling also pressured prices. Lauric oils were offered between $5 a tonne higher and $10 lower, tracking the easier trend in palm oil futures and because of lack of buying interest.
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