Rapeseed oil on the European vegetable oils market was lower on Thursday in quiet trading as buyers shunned prices that were showing a steep forward curve. Activity in all products was light, particularly in palm oil, due to market closures in Malaysia and China for the Lunar New Year holiday. Rapeseed oil was offered 2 euros to 5 euros a tonne down from Wednesday. The first position quoted, Feb15/Apr15 delivery, was offered 10 euros cheaper than May/July.
"Today we have a spread of around 10 euros between spot and forward prices. So people are only buying in a hand to mouth way for spot needs," one broker said. European prices were also curbed by a fall in US soyoil futures in Chicago.
Comments
Comments are closed.