Palm oil on the European vegetable oils market eased on Friday on concerns over demand and the size of Malaysian palm oil stocks in March. "It was not a very exciting day with industry data due on Monday and Tuesday. Most products eased a little and buying interest was slow ahead of the weekend," one broker said.
Palm oil was offered between unchanged and $10 a tonne down from Thursday after Malaysian palm oil futures closed between four and 32 ringgit per tonne down in line with competing vegetable oils and because of positioning ahead of Monday's fresh MPOB stocks number, which could turn out higher than earlier expected.
At 1630 GMT CBOT soyaoil futures were between 0.19 and 0.31 cents per lb down on technical selling as CBOT dealers sold soyaoil futures and bought back soyameal contracts. Higher energy markets limited losses. EU rapeoil was offered between one euro per tonne up and six euros down, tracking weaker Chicago soyaoil and because of a weak dollar, which weighs on euro-priced products. The stronger rapeseed futures and higher energy markets limited losses. Asking prices for coconut oil were between $5 and $15 a tonne up from Thursday, with buyers between $30 and $60 below sellers. Palmkernel oil was offered between $15 a tonne down and $5 up. The weaker dollar was supportive.
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