Palm oil on the European vegetable oils market edged lower on Thursday on expectations for increasing production and higher ending stocks in October, which pressured Malaysian palm oil futures. Asking prices for palm oil were between unchanged and $5 a tonne lower. Stronger CBOT soyaoil futures limited losses, as did a stronger ringgit.
Malaysian palm oil futures closed between 11 ringgit down and 7 ringgit up as the currency weighed on futures. A stronger ringgit makes palm oil more expensive for foreign buyers and could dampen export demand. CBOT soyaoil futures were between 0.13 and 0.30 cents per lb higher on technicals at 1630 GMT, with CBOT traders selling soyameal futures to book profits and buying back soyaoil contracts.
EU rapeoil was quoted between flat and 2 euros a tonne higher, supported by firmer Chicago soyaoil futures, while weaker rapeseed futures, taking cue from technical losses in CBOT soyabeans, limited gains.
Lauric oils were mostly offered between unchanged and $20 a tonne lower, tracking weaker palm oil and pressured by a lack of buyers. The spread between coconut oil and the cheaper palmkernel oil was $35 a tonne for October/November shipment.
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