Palm oil prices were lower on Europe on Thursday, losing some ground after a strong advance earlier in the week, as other vegetable oil markets also weakened. Crude palm oil offers were cut by $5 to $15 a tonne but remained around $25 to $40 above asking prices at the end of last week. Prices for palm oil products also fell with RBD palm olein offers cut by $2.50 to $10 with Jan/Mar shipment last traded at $632.50, down $12.50 from last business a day earlier.
Malaysian palm oil futures snapped a three-day rally, falling from a near two-month high reached in the previous session and tracking weaker rival oils. The run-up earlier in the week had been fuelled by tightening supplies with Malaysian stocks data showing an unexpected decline last month. EU rapeseed oil offers ended the day 1.00 to 3.00 euros a tonne lower.
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