Palm oil on the European vegetable oils market was mostly easier on Thursday on the outlook for improving production in the coming months while demand was still expected to be slow. Asking prices for palm oil were mostly between $5 and $12.50 a tonne lower after Malaysian palm oil futures closed between 36 and 43 ringgit per tonne down, hit by expectations of rising output and tracking weaker performing rival oils.
"After Asian markets were pushed up for quite some time on bullish sentiment fed by tight supplies and slow production it seems that bearish sentiment is gaining momentum now," one broker said. At 1730 GMT, CBOT soyaoil futures were between 0.26 and 0.38 cents per lb down on technical selling triggered by expectations of a bumper South American crop. Weakness in palm oil also added to the weakness.
EU rapeoil was offered between seven and 16 euros per tonne down from Wednesday as weakness in CBOT soyaoil triggered aggressive selling by some players. Lower rapeseed futures, on a brighter world oilseeds supply outlook and a weaker dollar, also weighed on euro-priced rapeoil. Coconut oil was offered between $20 and $30 a tonne down, tracking the trend in rivals palm and soyaoil. Palmkernel oil was hardly discussed with nominal quotes and lack of buyers.
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