European vegoils-Palm oil follows edible oil futures lower

ROTTERDAM: Prices of palm oil on the European vegetable oils market mostly fell on Monday due to weaker Malaysian palm oil futures on concerns a stronger ringgit could dampen export demand, and technical losses in CBOT soyoil futures.

Asking prices for crude palm oil were mostly between unchanged and $2.50 a tonne lower after Malaysian palm oil futures closed between 20 ringgit per tonne down and seven ringgit up.

At 1730 GMT, CBOT soyoil futures were between 0.11 and 0.33 cents per lb down because of technical selling as Chicago dealers sold soyoil futures and bought back soymeal contracts amid concerns that dryness in Argentine soybean growing areas could hurt crops. A dip in energy markets also weighed on soyoil futures.

EU rapeoil was mostly quoted between two and eight euros per tonne higher, tracking strength in rapeseed futures, which rose with CBOT soybeans on adverse Argentine weather. A stronger dollar also supported euro-priced products.

Coconut oil was offered unchanged from Friday, while offerings for palmkernel oil were between $5 and $25 a tonne higher, supported by the stronger Malaysian ringgit. The spread between coconut oil and the cheaper palmkernel oil was $125 a tonne for December/January shipment.