Palm oil on the European vegetable oils market eased on Wednesday, tracking weaker Malaysian palm on slowing export demand and lower CBOT soyaoil futures. Asking prices for palm oil were between $5 and $12.50 a tonne down after Malaysian palm oil futures closed between 6 ringgit and 28 ringgit a tonne lower, with bearish factors triggering profit-taking after recent gains.
CBOT soyaoil futures were between 0.10 and 0.37 cents per lb down at 1630 GMT, tracking Chicago soyabean futures lower.
Chicago soyabeans fell because the price of Brazilian soyabeans offered for export has dropped below US cargoes in the face of slowing Chinese demand for prompt shipments. Easier energy markets also weighed on soyaoil futures. EU rapeoil was quoted 1 euro a tonne up from Tuesday on the back of a stronger dollar, which underpins euro-priced products, with weaker CBOT soyameal futures and European rapeseed futures limiting gains.
Lauric oils were offered between $20 and $42.50 a tonne lower because of a lack of demand. Prices came under pressure from the stronger dollar, which weighs on products quoted in that currency, and weaker palm oil. The spread between coconut oil and the cheaper palmkernel oil was $97.50 a tonne for June/July shipment.
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