Palm oil falls on European vegoils market
Palm oil on the European vegetable oils market fell slightly on Friday, tracking easier Malaysian pa…Palm oil on the European vegetable oils market fell slightly on Friday, tracking easier Malaysian palm oil futures on lower than expected exports during the first 25 days of July. The Malaysian palm oil futures market will be closed for end of Ramazan celebrations, the Eid-ul-Fitr holiday, on Monday and Tuesday.
"Palm oil dropped a tad as exports slowed during the month so far. Many dealers believe that production could outpace demand in July, which would lead to growing Malaysian palm oil stocks," one broker said. Palm oil was offered between $2.50 and $10 a tonne down from Thursday after Malaysian palm oil futures closed between six and 21 ringgit per tonne down as weaker than expected export data and the outlook over rising global oilseed supply dragged.
At 1730 GMT CBOT soyaoil futures were between 0.15 and 0.30 cents per lb down on beneficial rains in the US Midwest, which could bolster an already bumper crop. Liquid oils -EU rapeoil, soyaoil and sunoil- were offered between unchanged and seven euros per tonne down from Thursday, tracking CBOT soyaoil and easier rapeseed futures, which eased on profit taking and because of the outlook for a bumper EU rapeseed crop. Lauric oils were offered between $5 a tonne up and $5 down, pressured by weaker palm oil and due to a strong dollar, which weighs on products quoted in that currency.
