ROTTERDAM: Palm oil on the European vegetable oils market was mixed on Monday as weaker CBOT soyoil futures offset slightly stronger Malaysian palm oil futures.
CBOT soyoil eased on profit-taking after Friday’s surprise rally. That same rally supported Malaysian palm oil futures.
Asking prices for palm oil were between $2.50 a tonne lower and $5 higher after Malaysian palm oil futures closed between two ringgit per tonne down and seven ringgit up.
At 1630 GMT, CBOT soyoil futures were between 0.05 and 0.22 cents per lb lower, tracking weaker Chicago soybeans, which dropped sharply on a technical rebound from Friday’s gains and because of profit-taking.
Higher energy markets limited losses in soyoil futures.
EU rapeoil was quoted between two and five euros per tonne down from Friday, tracking weakness in CBOT soyoil and under pressure from a dip in rapeseed futures, which followed the sharply lower trend in Chicago soybean futures.
Lauric oils were offered between $5 a tonne up and $22.50 down from Friday, tracking weaker CBOT soyoil amid lower demand.
Source: Brecorder
