Markets

European vegoils-Palm oil eases on production outlook, ringgit

Published November 23, 2017 Updated November 23, 2017 08:46pm

Asking prices for palm oil were between unchanged and $10 a tonne down from Wednesday after Malaysian palm oil futures closed between 21 and 39 ringgit down.

"The market was overall quiet because of Thanksgiving day holiday in the US and due to a large trade dinner tonight in Hamburg," one broker said.

EU rapeoil was quoted between three and five euros per tonne lower, tracking technical selling in rapeseed futures and because of a weaker dollar, which weighs on euro-priced products.

Lauric oils were mostly offered between $5 a tonne up and $15 down, mostly tracking weaker palm oil and pressured by slack demand.

The weaker dollar, which underpin products quoted in that currency, limited losses.

 

Copyright Reuters, 2017