Palm oil prices on the European vegetable oils market eased on Monday following recent gains on the back of concerns over lower output caused by the El Nino weather pattern. "When prices go up they are bound to come down a bit on profit taking, even if the sentiment remains bullish," one broker said.
Palm oil was offered between unchanged and $12.50 a tonne down from Friday after Malaysian palm oil futures closed between six and 20 ringgit per tonne lower and on slow export demand, after rising to their highest level in a month in early trade, lifted by last week's forecasts of slowing output.
At 1730 GMT CBOT soyaoil futures were between 0.01 and 0.34 cents per lb up on technical buying, with dealers selling CBOT soyameal futures and buying back soyaoil contracts. Weak energy and prospects of a bumper South American crop limited gains.
EU rapeoil was offered between one euro per tonne up and one euro down, supported by stronger CBOT soyaoil futures and underpinned by a stronger dollar. Gains were limited by easer rapeseed futures, which tracked easier energy prices.
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