Palm oil on the European vegetable oils market was offered narrowly mixed on Friday, pressured by easier Malaysian palm oil futures on the outlook for larger November Malaysian palm oil stocks. The November MPOB supply/demand and stocks report is due on December 12. Asking prices for palm oil were between $5 a tonne higher and $5 lower, with crude palm oil also finding some support from bargain buying. Malaysian palm oil futures closed between 31 ringgit per tonne down and two ringgit up.
At 1700 GMT, CBOT soyaoil futures were between 0.08 and 0.20 cents per lb down, pressured by further losses in soyameal on the back of ample supplies and light demand in the US cash market. Stronger energy prices limited losses. EU rapeoil were quoted between one euro per tonne down and three euros up, on the back of technical buying following recent losses and supported by a stronger dollar, which underpins euro-priced products.
Coconut oil dropped around $30 a tonne on a stronger dollar, which weighs on products priced in that currency, and because sellers lowered asking prices to attract buying interest. Palmkernel oil was quoted between $5 a tonne down and $5 up from Thursday, following the mixed trend in palm oil.
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