Palm oil on the European vegetable oils market was offered in a tight range in slow trade on Monday as weaker Malaysian palm oil futures were offset by technical strength in CBOT soyaoil and due to a weaker dollar. Asking prices for palm oil were between unchanged and $2.50 a tonne lower as both a weaker dollar and a stronger ringgit underpin dollar-priced products.
Malaysian palm oil futures closed between 12 and 24 ringgit per tonne lower as a stronger ringgit makes palm oil more expensive for foreign buyers and could reduce export demand. At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.38 cents per lb higher on technicals. CBOT traders were selling soyameal contracts because of the outlook for a bumper US soyabean crop, and were buying soyaoil futures.
EU rapeoil was mostly quoted between unchanged and four euros per tonne lower, following weakness in rapeseed futures, on farmer selling and because of a brighter global oilseed supply outlook, and due to the weaker dollar, which weighs on euro-priced products.
Lauric oils were mostly offered between $5 a tonne up and $20 down, underpinned by the strong dollar, while weaker palm oil futures and a lack of buyers weighed on prices.
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