ROTTERDAM: Palm oil on the European vegetable oils market eased on Wednesday, tracking technical selling in Malaysian palm oil futures and due to expectations of slowing demand and larger stocks.
Asking prices for crude palm oil were mostly between $2.50 and $12.50 a tonne down, with weaker soyoil futures and a stronger dollar adding to the pressure. Malaysian palm oil futures closed between 15 and 28 ringgit per tonne down.
At 1730 GMT, CBOT soyoil futures were between flat and 0.23 cents per lb down on a sharp fall in energy markets and pressured by news that Canada’s 2017 canola harvest will be record high and larger than anticipated.
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EU rapeoil fell between five and 10 euros per tonne, tracking losses in both Chicago soyoil and energy markets, as weaker energy prices could dampen vegetable oil demand from biodiesel producers. A record large canola harvest also weighed on rapeseed futures.
Coconut oil was offered between $15 and $32.50 a tonne lower as weaker palm oil and a stronger dollar weighed on products quoted in dollars. Palmkernel oil was offered between unchanged and $10 a tonne lower. The spread between coconut oil and the cheaper palmkernel oil was $112.50 a tonne for December/January shipment. EUROPEAN VEG OILS
Source: Brecorder.com
