Palm oil edges lower on weaker futures

ROTTERDAM: Palm oil on the European vegetable oils market edged lower on Wednesday, tracking easier Malaysian palm oil futures, which were pressured by weakness in related edible oils.

Asking prices for palm oil were between $2.50 and $7.50 a tonne lower, a stronger dollar also weighed on dollar-priced products. Malaysian palm oil futures closed between 13 and 20 ringgit per tonne down.

CBOT markets were closed on Wednesday for the US Independence Day holiday.

EU rapeoil was quoted between unchanged and two euros per tonne higher, following stronger rapeseed futures, which were up on concerns over dry weather in several rapeseed growing areas. A slightly firmer dollar also supported euro-priced products.