ROTTERDAM: Palm oil on the European vegetable oils market was offered little changed on Friday due to lack of fresh market-moving news and as Malaysian palm oil futures traded in a tight range. Palm oil was mostly offered between flat and $2.50 a tonne lower than Thursday after Malaysian palm oil futures closed between two ringgit a tonne higher and 11 ringgit down.
The market was pressured, however, by weakness in rival oils on China's Dalian Commodity Exchange, which triggered some profit taking following recent gains on the back of worries about lower production.
"The excitement over the sharp rise in the dollar after the Federal Reserve hiked interest rates yesterday faded and many players on the European cash market took a bit of a breather ahead of the weekend," one broker said. At 1730 GMT, CBOT soyoil futures were between 0.11 and 0.16 cents per lb lower on technical selling as traders bought soymeal contracts because of strong export demand and sold soyoil futures. Stronger energy markets limited losses.
Liquid oils - EU rapeoil and soyoil - were mostly offered flat to five euros per tonne down, tracking the weakness in soyoil and because of lower rapeseed futures, which eased on the outlook for ample US soybean supplies and expectations of a big South American crop.
Coconut oil was mostly offered between flat and $5 a tonne higher on concerns about tight supplies. Palmkernel oil was mostly quoted between unchanged and $10 a tonne down on the back of weakness in palm oil and the ringgit.
Comments
Comments are closed for this article.