ROTTERDAM: Palm oil on the European vegetable oils market mostly eased on Wednesday, pressured by a softer ringgit and expectations of growing Malaysian palm oil stocks in August, plus lower energy markets.
Weaker energy markets could reduce demand for vegetable oils by biodiesel producers.
Asking prices for palm oil were mostly between unchanged and $10 a tonne lower after Malaysian palm oil futures closed down between three and 10 euros per tonne as the outlook for increased palm oil stocks weighed. The weak ringgit, which could boost export demand as it makes palm oil cheaper for overseas buyers, limited losses.
At 1630 GMT, CBOT soyoil futures were between 0.16 and 0.21 cents per lb lower, pressured by Chicago soybeans, weakening as US farmers prepare for harvest.
Lower energy prices also weighed.
EU rapeoil was quoted between unchanged and three euros per tonne up on technicals and concerns about tight supplies because of slow selling by farmers.
Lauric oils were mostly offered between $5 and $10 a tonne down from Tuesday, tracking easier palm oil and pressured by slow demand.
Source: Brecorder
