Palm oil on the European vegetable oils market was offered slightly easier on Thursday, tracking continued weakness in Malaysian palm oil futures due to bearish sentiment. "Markets moved mostly sideways with the bears directing the trend at the moment as markets feel oversold. Recent volatility made many players uncertain what to do," one broker said.
Palm oil was offered between unchanged and $10 a tonne down after Malaysian palm oil futures closed between 30 and 35 ringgit per tonne lower, tracking poor performing rival vegetable oils and on bearish local sentiment, driven by rising output and weak export demand. At 1630 GMT, CBOT soyaoil futures were between 0.31 and 0.41 cents per lb down on technicals, with Chicago dealers selling soyaoil contracts and buying back soyameal futures as CBOT soyabeans rallied on improved export demand.
EU rapeoil mostly tracked rapeseed futures, with technical pressure on nearby positions and stronger deferred contracts, following gains in Chicago. Asking prices were between one euro per tonne down and three euros up from Wednesday. Coconut oil eased between $5 and $15 a tonne, following the trend in palm oil, while palmkernel oil dropped between $30 and $40 a tonne on talk of improving output against slack demand.
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