Palm oil on the European vegetable oils market was offered in a tight range on Monday as a strong dollar offset gains in Malaysian palm oil futures. Asking prices for palm oil were mostly between $2.50 a tonne up and $2.50 down from Friday after Malaysian palm oil futures closed between 10 and 15 ringgit a tonne higher, mostly tracking strength in rival vegetable oils.
At 1630 GMT, CBOT soyaoil futures were between 0.03 cents per lb up and 0.05 cents down, pressured by concerns over the escalating trade war between the United States and China. Strong energy markets limited losses. EU rapeoil was offered between three and seven euros per tonne higher because of worries over how much damage the hot and dry spell in Europe has done to the rapeseed crop.
Lauric oils were offered between $20 and $32.50 a tonne lower as sellers were looking for buyers. The stronger dollar also weighed on products quoted in that currency. Palmkernel oil was mostly offered at barely changed levels as a lack of buying interest and weakness in rival coconut oil both offset gains in palm oil futures and a stronger ringgit, which underpins products quoted in dollars.
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