Palm oil on the European vegetable oils market was offered slightly lower on Tuesday in thin trade as Malaysian palm oil futures eased on concerns that weak export demand will continue in June. Asking prices for palm oil were between unchanged and $7.50 a tonne lower after Malaysian palm oil futures closed between seven and 21 ringgit per tonne down.
At 1630 GMT, CBOT soyaoil futures were between 0.04 and 0.09 cents per lb down, with favourable growing weather and ongoing uncertainty about trade tensions between the United States and the world's top soy buyer China weighing on prices. New crop EU rapeoil was quoted between unchanged and one euro per tonne lower tracking weakness in Chicago soyaoil futures. Old crop was offered two to eight euros higher on tight supplies at the end of the crop season. "It is hard to find any physical oil for June delivery. It looks like all rapeoil has disappeared and nobody knows where it has gone to," one broker said.
Comments
Comments are closed.