Coconut oil prices on the European vegetable oil market were sharply lower on Friday as the market retreated further from highs set a month ago. Dealers said the market was struggling to find buyers, with demand curtailed by a strong run-up in prices linked to an expected drop in exports from the Philippines where an El Nino weather pattern curbed production. Phil/Indo coconut oil asking prices were cut by $60 to $1,470 per tonne, cif Rotterdam. Prices rose to more than $1,700 in early April, the highest level in more than four years.
Palm oil asking prices was mostly around $2.50 a tonne lower in very quiet trading with trading desks thinly staffed on a "bridge day" after Thursday's Ascension Day holiday. At 1730 GMT, CBOT soyaoil futures were between 0.57 and 0.28 cents per lb higher, tracking gains in CBOT soyabeans. EU rapeoil was offered between one and four euros a tonne up, tracking firmer CBOT soyaoil and stronger rapeseed futures.
Comments
Comments are closed.