Friday, 13 March 2015 01:18
LONDON: Palm oil prices on the European vegetable oils market were lower on Thursday with the market was weighed down by weak demand.
RBD palm olein for July/September shipment last traded at $ 603.00 per tonne, fob Malaysia, off $ 3 from the final traded level on Wednesday, while Oct/Dec changed hands at $ 592.50, down $ 7.50 on the day.
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Dealers noted Malaysian palm oil futures fell for the sixth time in the last seven trading days as weaker soyoil prices narrowed palm’s discount to the rival edible oil.
CBOT soyoil prices fell further on Thursday with May down 0.6 percent at 30.91 cents a lb at 1735 GMT.
Rapeseed oil prices were little changed, however, with the market underpinned by the recent weakness in the euro and demand from the biodiesel sector.
EU rapeoil for May/July last traded at 687 euros a tonne, down one euro from last business on Wednesday but still well above Monday’s trades of 673 and 675 euros.
Copyright Reuters, 2015
