Palm Oil Down on Weak Ringgit

ROTTERDAM Palm oil on the European vegetable oils market eased on Monday because of a weak ringgit, but losses were limited by slightly larger Malaysian palm oil exports during September.

* “The European cash market was lackluster overall ahead of the USDA quarterly stocks data, which was seen bearish by Chicago, but was issued too late for Europe to react to,” one broker said.

* Palm oil was offered between $5 and $7.50 a tonne down from Friday on ringgit weakness, which makes palm oil and products cheaper for buyers holding other currencies. Malaysian palm oil futures closed between six and 18 ringgit per tonne up, on expectations the lower ringgit will boost export demand and because of the slightly bigger export number during September.

* Nov/Dec RBD palm olein traded $5 down from Friday at $745 a tonne fob Malaysia and changed hands from $745 down to $737.50 and back up to $742.50. still $5 down from Friday.

* At 1630 GMT CBOT soyoil futures were between 0.50 and 0.57 cents per lb down in sympathy with soybean futures on a higher than expected quarterly soybean stocks number and because of easier mineral oil values.

* Liquid oils – rapeoil, sunoil and soyoil – were offered between unchanged and six euros per tonne down from Friday, in sympathy with Chicago soyoil, weaker mineral oil and easier rapeseed futures, which tracked CBOT soybeans.

* Nov/Jan EU rapeoil changed hands at 723 and 724 euros per tonne fob exmill.

* Lauric oils were offered between flat and $5 a tonne down from Friday, mostly in line with weaker palm oil levels after Oct/Nov coconut oil changed hands at $950 a tonne cif Rotterdam, while no trades were reported in palmkernel oil. (Reporting by Karel Luimes. Editing by Jane Merriman)- Reuters


Source : The Star

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