ROTTERDAM: Palm oil on the European vegetable oils market eased on Monday, tracking CBOT soyoil futures which drew long liquidation on improving South American crop weather.
Asking prices for palm oil were between $2.50 and $15 a tonne down from Friday. Malaysian palm oil futures were closed on Monday for the Lunar New Year holiday.
"Markets overall were slow in the absence of direction from Asian markets and lack of participation from Asian players.
The sharp fall in CBOT soycomplex futures also discouraged many dealers from making business decisions," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.52 and 0.78 cents per lb down. Weaker energy markets also weighed.
EU rapeoil was quoted between seven and nine euros per tonne lower, tracking lower CBOT soyoil, with few buyers willing to step into the weakening market.
A drop in rapeseed futures because of a brighter global oilseed supply outlook also weighed on rapeoil.
Coconut oil was quoted between $15 and $30 a tonne down while palmkernel oil was between $15 and $30 a tonne higher, but prices were nominal as there were few participants in the absence of Asian players.
EUROPEAN VEG OILS TRADES RAPEOIL Dutch/EU, euros a tonne fob exmill May/Jul 812
Comments
Comments are closed.