Palm Oil Prices Ease on European Vegoils Market

Palm Oil Prices Ease on European Vegoils Market

Palm oil on the European vegetable oils market eased further on the back of weak mineral oil prices and due to a lower ringgit, which makes cash palm oil cheaper for buyers holding foreign currencies. “Overall it was a slow day with many players holding back, unsure which way prices will take in the near future. Some dealers are awaiting fresh supply/demand data due November 10, from both USDA and MPOB before making decisions,” one broker said.

Palm oil was offered between $5 and $17.50 a tonne down from Tuesday after Malaysian palm oil futures closed between nine and 30 ringgit per tonne lower, reversing gains made earlier in the session as a dip in mineral oil prices triggered a sell off. At 1730 GMT CBOT soyaoil futures were between 0.03 cents per lb up and 0.11 down with losses limited by higher than expected weekly US soyabean export sales.

Liquid oils – EU rapeoil, soyaoil and sunoil – were offered between one euro per tonne down and six euros up, partly tracking firmer CBOT soyabean futures, which boosted rapeseed futures as well, and due to a dip in the euro versus the dollar, which underpinned euro-priced products.

Source : REUTERS

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