Palm oil on the European vegetable oils market was offered mostly lower on Wednesday on expectations of increasing production in the coming months and declining demand.
Asking prices for palm oil were between $2.50 a tonne up and $5 down from Tuesday after Malaysian palm oil futures closed between 10 ringgit per tonne up and four ringgit down. A weaker ringgit capped losses as palm oil gets cheaper for foreign buyers.
"The market came a little to life again after the four-day weekend because of public holidays in Malaysia," one broker said.
At 1630 GMT CBOT soyaoil futures were between 0.07 and 0.14 cents per lb down on technical selling with CBOT dealers buying soyameal futures and selling soyaoil contracts. Decent US soyabean crop weather also weighed.
EU rapeoil was mostly quoted between flat and five euros per tonne lower, tracking easier Chicago soyaoil futures and because of a weaker dollar, which weighs on euro-priced products.
Coconut oils were quoted between unchanged and $25 a tonne higher on the back of dollar weakness, which supports products quoted in that currency. Palmkernel oil was offered between $5 and $55 a tonne down as sellers were lowering levels to find buyers.
Comments
Comments are closed.