Palm oil on the European vegetable oils market eased on Friday in a technical rebound from recent gains and because of bearish comments from a leading industry analyst. Asking prices for palm oil were between $2.50 and $10 a tonne down from Thursday after Malaysian palm oil futures closed between 8 and 24 ringgit per tonne lower, tracking vegetable oil futures on the Dalian Commodity Exchange and responding to a price forecast.
Analyst Dorab Mistry said at an event in India on Friday that palm oil prices could fall by about a fifth to 2,500 ringgit per tonne in June or July. The price movement, Mistry said, will be "a knee-jerk reaction at the first signal of rising production, possibly in early or mid-March."
At 1730 GMT CBOT soyoil futures were between 0.43 and 0.52 cents per lb lower due to technical selling on expectations of a bumper South American soybean crop.
EU rapeoil was quoted between unchanged and two euros per tonne up on underlying buying interest and because of slightly firmer rapeseed futures due to technical buying. A weak dollar, which weighs on euro-priced products, limited gains.
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