Palm oil on the European vegetable oils market was little changed on Friday due to lack of direction from the Malaysian palm oil futures market, which was closed for a public holiday. Asking prices for palm oil were between unchanged and $2.50 a tonne down lower because of weaker CBOT soyaoil futures and because of a stronger dollar, which weighs on products priced in that currency.
At 1630 GMT, CBOT soyaoil futures were mostly between 0.05 and 0.11 cents per lb lower as CBOT traders sold soyaoil contracts and bought soyameal futures. Easier energy markets also weighed. EU rapeoil was mostly quoted between one and three euros per tonne higher on the back of a stronger dollar, which underpins euro-priced products. Technical strength in rapeseed futures also supported rapeoil prices.
Coconut oil was offered between $5 and $10 a tonne down from Thursday as the strong dollar weighed. Palmkernel oil was offered mostly unchanged due to the absence of a trend from palm oil futures and due to the absence of many players due to the public holiday in Malaysia. The spread between coconut oil and the cheaper palmkernel oil was $25 a tonne for October/November shipment.
Comments
Comments are closed for this article.