ROTTERDAM: Palm oil on the European vegetable oils market was lower on Friday following a drop in Malaysian palm oil futures because of declines in related oils.
Weakness in both CBOT soyoil futures and the Dalian commodity exchange weighed on palm oil.
Asking prices for palm oil were between $2.50 and $15 a tonne lower after Malaysian palm oil futures closed between 20 and 56 ringgit a tonne down.
At 1630 GMT, CBOT soyoil futures were between 0.24 and 0.36 cent per lb lower, pressured by the USDA forecast for a record large domestic soybean stockpile in 2018/19 amid reduced exports to China because of a trade row.
The outlook for a smaller EU rapeseed harvest because of a recent dry spell continued to underpin rapeoil prices. Sellers were offering material between two and five euros per tonne higher. A stronger dollar also supported euro-priced products, while the dip in Chicago soyoil futures limited losses.
Lauric oils were offered between $10 and $25 a tonne down from Thursday as weaker palm and soyoil pressured prices as well as a stronger dollar, which weighs on products priced in that currency, pressuring prices.
The spread between coconut oil and the cheaper palmkernel oil was $35 a tonne for August/September shipment.