Palm oil on the European vegetable oils market eased on Friday on technical selling in Malaysian palm oil futures because of weakness in mineral oil prices. "Mineral oil mostly dominated the direction, but a weak ringgit, which makes palm oil cheaper for buyers holding foreign currencies, also aided lower prices on the European cash market. Overall business was slow ahead of the weekend as players are looking for fresh clues," one broker said.
Palm oil was offered between unchanged and $12.50 a tonne down from Thursday after Malaysian palm oil futures closed between 16 and 30 ringgit per tonne up, tracking falls in mineral oil prices and competing vegetable oil markets, although losses were limited by concerns that monsoon rains could curb output in December. At 1730 GMT CBOT soyaoil futures were between 0.05 and 0.09 cents per lb up, tracking slightly firmer Chicago soyabeans but gains were capped by weak mineral oil levels.
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