ROTTERDAM: Palm oil offerings on the European vegetable oil market dipped on Friday with heavy volatility in Malaysian palm oil futures following news that a cut in export tax for crude palm will start in the next year.
* "We saw buying of the rumour on Thursday when palm oil prices rallied and selling the fact, amplified by disappointment that it will take a while before the new rules take effect. CBOT soycomplex futures also saw a technical correction following USDA crop data issues on Thursday that sent Chicago up and surprised European players," one broker said.
* Palm oil was offered between $7.50 and $20 a tonne down from Thursday after Malaysian palm oil futures closed between 23 and 98 ringgit per tonne down, well off the lows after futures dipped over 100 ringgit in the session on news that the expected palm oil export tax cut would be implied from January first, 2013.
* Jan/March RBD palm olein changed hands between $875 and $847.50 a tonne fob Malaysia, down $22.50 from Thursday and April/June traded $35 down between $897.50 and $862.50.
* At 1700 GMT CBOT soyoil futures were between 0.59 and 1.03 cents per lb down on profit taking and weak exports.
* Liquid oils - soyoil, rapeoil and sunoil - were offered between nine and 10 euros per tonne down following weak CBOT soyoil and lower rapeseed futures.
* Nov/Jan EU rapeoil changed hands at 939 euros per tonne fob exmill, Feb/April traded six euros up from Thursday at 940 and 939 euros and May/July fetched 393 and 938 euros, down two euros.
* Lauric oils followed the trend in palm oil and were offered between $10 and $20 a tonne down from Thursday after Dec/Jan coconut oil changed hands at $900 a tonne cif Rotterdam and Jan/Feb traded at $920 and $930. No business was reported for palmkernel oil.
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