Palm oil eases on European vegoils market
Palm oil on the European vegetable oils market eased late on Thursday following weaker mineral oil p…Palm oil on the European vegetable oils market eased late on Thursday following weaker mineral oil prices in otherwise lacklustre trade. "Easing mineral oil levels mean less demand for vegetable oils from biodiesel producers and that leads to a weaker market," one broker said.
Palm oil was offered unchanged to $5 a tonne down from Wednesday after Malaysian palm oil futures closed between two and 20 ringgit per tonne lower as mineral oil prices began to ease. Losses were capped by an uptick in exports and expectations hot weather would trim output. At 1730 GMT CBOT soyoil futures were flat to 0.10 cents per lb up in sympathy with firmer Chicago soybeans, which gained on higher-than-expected US 2013/14 export sales.
Old crop EU rapeoil rose 12 euros on slow farmer selling and tight availability, while new crop was quoted one to two euros per tonne up in sympathy with firmer rapeseed futures, which took cue from CBOT soybeans. Lauric oils eased as much as $30 a tonne, from Wednesday as concerns over tight copra supplies faded. Buyers did not show much interest, waiting for the market to bottom out. No trades were reported.
