ROTTERDAM: Palm oil on the European vegetable oil market dropped on Monday in reaction to Friday's bearish USDA supply/demand data, concerns about the global economy and the euro debt problems, market sources said.
"Palm oil futures dropped substantially, triggered by the USDA data and a stronger dollar and the European cash market followed. We saw some business left and right as buyers look for bargains," one broker said.
Palm oil was offered between $15 and $25 a tonne down from Friday after Malaysian palm oil futures closed between 46 and 88 ringgit per tonne down following Friday's bearish USDA data with players waiting for fresh MPOB supply/demand data and December 1-10 exports due on Tuesday.
April/June RBD palm olein traded $30 a tonne down from Friday between $1,035 and $1,015 a tonne fob Malaysia and July/Sept changed hands at $1,022.50, down $11.50 from Friday. Crude palm oil traded $30 down from Friday at $1,000 a tonne cif Rotterdam for Jan/March.
At 1730 GMT CBOT soyoil futures were between 0.39 and 0.55 cents per lb down on the back of weak mineral oil and follow-through selling from Friday on the bearish USDA data, when soyoil futures closed almost a cent lower.
Liquid oils, soyoil, sunoil and rapeoil, were quoted between three euros up and three euros down from Friday, with CBOT soyoil, weak mineral oil and lower rapeseed futures weighing on prices, while losses were limited by a weak euro against the dollar, which was supportive to euro-priced products. EU rapeoil changed hands at 935 euros per tonne fob exmill for Feb/April, down three euros from Friday.
Lauric oils were offered $30 and $45 a tonne down from Friday, following the trend in palm oil, soyoil and mineral oil and a strong dollar also weighed on dollar-priced products. Jan/Feb coconut oil changed hands at $1,345 and $1,340 a tonne cif Rotterdam and Dec/Jan palmkernel oil traded at $1,310 a tonne cif Rotterdam.
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