Palm oil on the European vegetable oils market was lower on Thursday, following the weaker trend in Malaysian palm oil futures, which eased on expectations of increased production and growing palm oil stocks in both Malaysia and Indonesia.
Asking prices for palm oil were between $2.50 and $7.50 a tonne lower after Malaysian palm oil futures closed between eight and 17 ringgit per tonne down. At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.48 cents per lb higher, following a rally in soyabeans on strong US export sales and due to short covering.
EU rapeoil was mostly quoted between two and four euros per tonne lower on the back of a weaker dollar, which weighs on euro-priced products. Easier energy markets, which could reduce demand for vegetable oil by biodiesel producers also weighed.
Coconut oil was quoted between $2.50 a tonne down and $5 a tonne higher, underpinned by the weak dollar, which supports products priced in that currency. Palmkernel oil was offered between $10 a tonne up and $25 a tonne lower, tracking weakness in palm oil and because sellers were reducing prices to find buyers.