Palm oil on the European vegetable oils market continued to fall on Friday as Malaysian palm oil futures slipped on weak demand. "The market was easing mostly on bearish news, like slow demand and predictions for large soyabean crops," one broker said.
Palm oil was mostly offered between $2.50 and $20 a tonne down from Thursday after Malaysian palm oil futures closed between 20 and 43 ringgit lower, weighed down by weaker-than-expected export data and on high inventories. At 1730 GMT CBOT soyaoil futures were down by between 0.29 and 0.37 cents per lb due to improving weather in the Brazilian soyabean belt. Weaker energy markets also weighed.
EU rapeoil was offered narrowly mixed with weaker CBOT soyaoil futures and European rapeseed futures on the back of weak energy prices. A mild dip in the euro supported products priced in that currency limited losses. Lauric oils were offered between $5 and $10 a tonne down from Thursday because of slack demand and a weaker ringgit.
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