ROTTERDAM: Palm oil on the European vegetable oils market was mostly easier on Tuesday on the outlook for a pickup in production in the coming months.
Asking prices for palm oil were between unchanged and $10 a tonne down after Malaysian palm oil futures closed between 32 ringgit per tonne up and six ringgit down, off the day's lows as worries over February output sparked bargain buying.
"Front positions held relatively firm as February Malaysian palm oil ending stocks could fall further if output remains slow, but exports could stay below par as well," a broker said. At 1730 GMT CBOT soyoil futures were between 0.04 cents per lb up and 0.14 cents down, pressured by weakness in Chicago soybeans on the outlook of a bumper South American soybean harvest. Stronger energy markets limited losses.
EU rapeoil was offered between unchanged and one euro per tonne up as a strong dollar supported euro-priced products. Barely steady Chicago soyoil and slightly easier rapeseed futures capped gains.
Overall weakness in rivals soy and palm oil and the strong dollar weighed on lauric oils which were offered between flat and $50 a tonne down. Sellers were still easing levels to find any buying interest, but most buyers did not show much yet.
Comments
Comments are closed for this article.