European vegoils-Palm oil down on lower ringgit

ROTTERDAM: Palm oil on the European vegetable oils market eased on Wednesday on the back of a lower ringgit and because of lower CBOT soyoil futures, which also weighed on Malaysian palm oil futures.

Asking prices for palm oil were between $5 and $10 a tonne lower after Malaysian palm oil futures closed between four ringgit up and 16 ringgit per tonne down.

"A weaker ringgit makes palm oil cheaper for foreign buyers, but at the same time the currency underpins Malaysian palm oil futures on hopes for improved export demand," one broker said.

At 1630 GMT, CBOT soyoil futures were between 0.12 and 0.17 cents per lb lower on technical selling and pressure from the expanding US soybean harvest.

EU rapeoil was offered between one and five euros per tonne lower, tracking the weaker trend in CBOT soyoil futures and because of technical weakness in rapeseed futures.

Coconut oil was mostly quoted between $40 and $50 a tonne lower as sellers lowered levels to attract buyers. Palmkernel oil was offered between unchanged and $15 a tonne down from Tuesday on the back of a lower ringgit and because of a strong dollar, which weighs on dollar-priced products.