ROTTERDAM: Palm oil on the European vegetable oils market eased on Wednesday because of improved weather in southeast Asia and due to weakness in rival soyoil.
"The market eased overall, but demand was still thin. Concerns over decreasing demand from China and cancellations of soybean contracts kept many buyers sidelined, waiting for the market to bottom out," one broker said.
Palm oil was offered between $5 and $12.50 a tonne down from Tuesday after Malaysian palm oil futures closed between 30 and 38 ringgit per tonne down due to pressure from improved weather in southeast Asia, which could beef up production, and lower prices for soyoil.
At 1730 GMT CBOT soyoil futures were between 0.18 and 0.32 cents per lb down in sympathy with CBOT soybeans on renewed talk of US soy imports and Chinese cancellations of US soybean contracts.
Liquid oils - EU soyoil, rapeoil and sunoil - were offered between flat and 12 euros per tonne down from Tuesday in sympathy with CBOT soyoil and a sharp drop in rapeseed futures because of technical selling on an improved global oilseed supply outlook due to beneficial planting weather for Canadian canola.
Lauric oils were offered between unchanged and $20 a tonne down from Tuesday, tracking rivals palm and soyoil, with buyers showing little interest. No trades were reported.
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