LONDON: Palm oil prices fell on the European vegetable oils market on Thursday, pressured by high stocks in Asia and a setback in CBOT soyoil.
Sellers cut asking prices for crude palm oil by between $ 5.00 and $ 12.50 a tonne, while RBD palm olein offers were trimmed by $ 2.50 to $ 5.00.
“It has been just like a casino the last couple of days,” one European dealer said, adding that the setback in CBOT soyoil on Thursday followed a sharp rise in prices a day earlier.
Dec CBOT soyoil was down 0.51 cents or 1.8 percent at 27.99 cents per lb by 1710 GMT. The contract had risen on Wednesday to its highest level since Oct. 26.
Coconut oil asking prices were cut by $ 2.50 to $ 5.00 a tonne and palmkernel oil by $ 10.
EU rapeoil offers were also lower as CBOT soyoil prices fell, sparking some business with Feb/April supplies changing hands at 720 euros per tonne and May/July at 716 euros.
Dealers said activity in Europe was subdued with many traders travelling to Greece for a major industry dinner on Friday.