Palm oil on the European vegetable oils market eased on Thursday on a dip in rival soyaoil as CBOT futures dropped on concerns over an escalating trade fight between the US and China. Asking prices for palm oil were between unchanged and $5 a tonne lower, with a weak ringgit also weighing on prices quoted in dollars.
Malaysian palm oil futures closed between four and 21 ringgit per tonne down on both weaker soyaoil futures and concerns over the US/Chinese trade dispute. At 1600 GMT, CBOT soyaoil futures were between 0.09 and 0.23 cents per lb lower as the US government proposed slapping a 25 percent tariff on $200 billion worth of imported Chinese goods.
EU rapeoil was offered between unchanged and two euros per tonne higher because of concerns over the size of the European rapeseed crop due to the recent hot and dry spell. Continued weakness in Chicago soyaoil futures got limited gains. Lauric oils were offered between unchanged and $12.50 down from Wednesday, tracking weaker palm oil and because of a stronger dollar, which weighs on products priced in dollars.
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