Palm oil on the European vegetable oils market edged lower on Monday in thin trade on positioning ahead of fresh USDA crop and supply/demand reports due on Tuesday. Asking prices for palm oil were mostly between unchanged and $5 a tonne lower, also because weak Malaysian export demand weighed on prices. Malaysian palm oil futures eased between five and 10 ringgit per tonne on the weaker June 1-10 palm oil exports, while a slightly lower May MPOB ending stocks number limited losses.
At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.11 cents per lb higher on technical buying and because energy markets edged up. EU rapeoil was quoted between five and 10 euros per tonne down from Friday, tracking weaker rapeseed futures, which followed technical selling in CBOT soyabeans and because of positioning ahead of Tuesday's USDA reports. Lauric oils were quoted between unchanged and $20 a tonne higher despite a lack of demand and easier palm oil prices.
Comments
Comments are closed.