Palm oil on the European vegetable oils market was offered mixed on Thursday with front positions firmer, tracking stronger Malaysian palm oil futures on hopes that a dip in the ringgit could boost export demand. Asking prices for palm oil were between $7.50 a tonne up and $7.50 down from Wednesday after Malaysian palm oil futures closed between six and 25 ringgit higher.
"Shipments up to July palm oil followed stronger futures, but from August onward the market eased on the back of the weaker ringgit, which makes the oil cheaper for foreign buyers, and lack of demand also weighed," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.12 cents per lb up and 0.05 cents down. Concerns over flooding in southern US soyabean growing areas supported prices, while technical selling in Chicago beans and sharply lower energy markets weighed.
EU rapeoil was offered between unchanged and three euros per tonne lower, tracking weaker rapeseed futures, because of technical selling and due to lower energy prices, which could hamper demand from biodiesel producers. Lauric oils were offered between unchanged and $25 a tonne down as a weaker ringgit weighed on palmkernel oil and due to lack of buyers. The premium of coconut oil over palmkernel oil was around $580 a tonne.
Comments
Comments are closed for this article.