Palm oil on the European vegetable oils market eased on Thursday, tracking weaker Malaysian palm oil, which dropped on technical selling. Asking prices for palm oil were between unchanged and $15 a tonne down after Malaysian palm oil futures closed between 33 and 58 ringgit per tonne lower. "There is still very little bullish and enough bearish news, so the market overall remains weak," one broker said.
At 1730 GMT, CBOT soyaoil futures were between 0.01 and 0.14 cents per lb down on projections for a record-large South American soyabean harvest and an expansion in US soyabean plantings. Easier energy markets also added to the weakness. EU rapeoil was offered between five and six euros per tonne up on a slightly firmer dollar, which underpins euro-priced products.
Coconut oil was offered around $20 a tonne up from Wednesday on concerns of tight copra supplies, while sellers in palmkernel oil were still looking to encourage buyers with offerings between $10 and $20 a tonne down, but asking prices were still hardly tested.
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