ROTTERDAM: Palm oil on the European vegetable oils market eased a little on Friday as news that Malaysia will exempt crude palm oil from export taxes in September and October prompted an early rise, only for profit-takers to sell into the rally.
"Malaysian palm oil futures rallied on Thursday ahead of the tax exemption news when players bought the rumour and today they sold the fact. The European cash market followed that trend," one broker said.
Palm oil was offered between unchanged and $15 a tonne down from Thursday after Malaysian palm oil futures closed between five ringgit per tonne up and 40 ringgit down, ending well off the highs.
At 1730 GMT CBOT soyoil futures were between 0.09 cents and 0.15 cents per lb down as CBOT players bought soymeal contracts and sold soyoil.
A dip in rival palm oil and easier mineral oil prices also weighed on soyoil futures. EU rapeoil was offered between unchanged and three euros per tonne up, supported by rapeseed futures, which were up on lack of farmer selling.
Lauric oils were between unchanged and $40 a tonne down from Thursday in a reaction to an unexpected rally the day before, when coconut oil was offered $150 up for no clear reason. The volatility kept buyers sidelined and no deals were reported.
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