ROTTERDAM: Liquid oils on the European vegetable oils market eased on Friday because of technical selling in CBOT soyoil on the back of talk of Chinese cancellations of U.S. and Brazilian soybean contracts.
"Bearish sentiment pressured prices and kept many buyers firmly on the sidelines, waiting to see when and where the market will bottom out," one broker said.
At 1730 GMT CBOT soyoil futures were between 0.29 and 0.47 cents per lb down on technical selling, sparked by worries over Chinese defaults on soybean contracts.
At least one soybean cargo defaulted on by Chinese importers was sold by Japan's Marubeni Corp, three sources said.
Liquid oils - EU soyoil, rapeoil and sunoil- were offered between unchanged and five euros per tonne down from Thursday, tracking CBOT soyoil, while easier rapeseed futures and a weak dollar also weighed on euro-priced products.
Palm oil was offered between $5 a tonne up and $5 down from Thursday after Malaysian palm oil futures closed between 13 ringgit per tonne up and 13 ringgit down, off the day's lows as stronger mineral oil boosted bargain hunting following losses the day before on a bearish MPOB stocks number.
Lauric oils were offered between $15 a tonne up and $5 down from Thursday, mostly tracking palm oil prices and also supported by a weak dollar, underpinned dollar-priced products.
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