Palm oil prices on the European vegetable oils market were lower on Tuesday, weakened by bearish data issued by the Malaysian Palm Oil Board, while a firm euro weighed on EU rapeseed oil. Sellers cut crude palm oil offer by as much as $5.00 a tonne while RBD palm olein fell by $7.50 to $10.00 a tonne.
Malaysian palm oil futures slipped to a one-week low on Tuesday evening in a second straight losing session as they lost ground on bearish industry regulator data.
Palm oil production rose 17.2 percent to 1.57 million tonnes in March from the previous month, while exports climbed 19.2 percent to 1.57 million tonnes, data released by the Malaysian Palm Oil Board showed.
While stockpiles fell 6.2 percent to 2.32 million tonnes, the decline was smaller than market expectations. A Reuters poll had forecast March end-stocks in Malaysia to decline 8.6 percent from February to 2.27 million tonnes.
EU rapeoil was quoted between two and three euros per tonne down from Monday, depressed by a firm euro and easier rapeseed futures.
Lauric oils were offered between $15 and $30 a tonne lower, following the weaker tone in palm oil.
Comments
Comments are closed.