Palm oil prices in Europe were slightly lower on Thursday, with the market weighed down by weakening demand and a decline in CBOT soyabean oil futures. However, supplies remained tight, dealers said, and prices remained within striking distance of highs set earlier this week when Malaysian palm oil futures hit a 2-1/2 year peak.
"We are of the view that (palm oil) stocks are still tighter than last year and this will provide some support to prices at current levels," Rabobank said a in a report on Thursday. Sellers of RBD palm olein cut asking prices by $2.50 a tonne, with January/March shipment last traded at $672.50, down $5.50 from final business on Wednesday. Crude palm oil offers were cut by $2.50 to $10 a tonne. Malaysian palm oil gave up its early gains on Thursday, declining towards the end of the trading day.
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