Palm oil on the European vegetable oils market eased further on Tuesday on worries over weak Malaysian export demand and positioning ahead of USDA crop and supply/demand reports. Asking prices for palm oil were mostly between $5 and $10 per tonne lower, also tracking weaker CBOT soyaoil futures. Malaysian palm oil futures were between 10 and 34 ringgit per tonne lower, weighed down by Malaysia's decision to maintain a five percent export tax for July and due to lacklustre demand.
At 1600 GMT, CBOT soyaoil futures were between 0.22 and 0.35 cents per lb lower on technical selling, with Chicago traders buying soyameal futures and selling soyaoil contracts.
EU rapeoil was quoted between three and five euros per tonne down from Monday, following the lower trend in Chicago soyaoil and because of positioning ahead the USDA data. Lauric oils were quoted between unchanged and $20 a tonne lower tracking the weaker tone in both palm oil and soyaoil. Prices picked up a little in the afternoon on the back of some underlying buying interest at around midday, but trades were not reported.
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