Palm oil prices fall on European vegoils market

Palm oil prices on the European vegetable oils market were mostly weaker on Thursday, tracking a decline in Malaysian futures to a 16-month low. Dealers said weak demand for Malaysian exports was weighing on sentiment and there were signs that a fall in prices was beginning to pick up pace. "It feels like it is falling apart," one European broker said. Sellers cut crude palm oil offers by as much as $7.50 a tonne and prices have now fallen around $12.50 to $15 during the last week.
Palmkernel oil and coconut oil asking prices were also cut, taking their lead from palm oil. Sellers raised asking prices for EU rapeseed oil, partly reflecting the recent weakness of the euro, but buyers remained on the sidelines and no trades were reported. The most active CBOT soyaoil contract was up 0.1 percent at 30.63 cents per lb at 1603 GMT.