Palm oil on the European vegetable oils market eased on Friday, tracking lower Malaysian palm oil futures, which fell on the back of concerns about increasing stocks for Malaysian palm oil. Asking prices for palm oil were mostly between $2.50 and $5 a tonne lower after Malaysian palm oil futures closed between nine and 21 ringgit per tonne down. A firmer ringgit weighed on futures as it makes palm oil more expensive for foreign buyers and could reduce export demand.
At 1630 GMT, CBOT soyaoil futures were between 0.05 cents per lb lower and 0.13 cents higher, supported by hopes of renewed talks between the United States and China about their ongoing trade dispute. But a Bloomberg report said Trump had asked aides to proceed with tariffs on $200 billion more in Chinese goods. Firmer energy markets offered support to soyaoil futures. The outlook for a bumper US soyabean harvest limited gains.
EU rapeoil was offered between two euros per tonne higher and three euros lower, with support from stronger rapeseed futures, tracking strength from CBOT soyabeans. But a weaker dollar during most of the day and the brighter outlook of global oilseed supplies was expected to put pressure. Lauric oils were mostly offered between flat and $10 a tonne higher, supported by both a firmer ringgit and a weaker dollar. The spread between coconut oil and the cheaper palmkernel oil was $50 a tonne for November/December shipment.
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