ROTTERDAM: Palm oil on the European vegetable oils market eased on Wednesday, tracking Malaysian palm oil futures on concerns over weak export demand.
Asking prices for palm oil were between unchanged and $10 a tonne down, also pressured by a slightly weaker ringgit. Malaysian palm oil futures closed between unchanged and 16 ringgit per tonne lower on weak export demand and because of the weaker trend in CBOT soyoil.
At 1730 GMT, CBOT soyoil futures were between 0.26 and 0.36 cents per lb lower, pressured by weaker energy markets and technical selling as Chicago dealers bought soymeal futures and sold soyoil contracts.
EU rapeoil was mostly quoted between flat and three euros per tonne lower, following the weakening in CBOT soyoil futures and rapeseed futures, and on the outlook for ample world oilseed supplies.
"Rapeoil prices traded up during the day on the feeling that the weaker trend was broken, but soon after buyers realized that the trend was still down and prices edged lower again, back to around the levels we started the day with," one broker said.
Lauric oils were mostly offered between flat and $5 a tonne down, following weaker palm oil and pressured by a weaker ringgit and a lack of buyers.
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