Palm oil on the European vegetable oils market eased slightly on Monday following falling Malaysian palm oil exports during the first 20 days of July. "A drop of some 15 percent in Malaysian exports compared to the same period last month made Malaysian palm oil futures ease, although they closed well off the lows. A strong dollar also pressured dollar-priced products," one broker said.
Palm oil was offered between flat and $5 a tonne down from Friday after Malaysian palm oil futures closed between six ringgit down and six up. Buyers were mostly holding back as rival soyaoil in Chicago was easing too. At 1730 GMT, CBOT soyaoil futures were between 0.01 and 0.22 cents per lb down following warmer weather in the US Midwest during the weekend.
Liquid oils - EU soyaoil, rapeoil and sunoil - were mostly offered between unchanged and five euros up, underpinned by a strong dollar, which is supporting products priced in euros. Low mineral oil prices dampened demand from biodiesel producers and little business was seen during the day. Weaker rapeseed futures, which tracked CBOT soyabeans on beneficial Midwest weather, limited gains.
Comments
Comments are closed.