Palm oil falls on European vegoils market
ROTTERDAM: Palm oil on the European vegetable oils market was offered mostly easier on Tuesday on profit taking following recent gains on bullish Malaysian palm oil export data.
Asking prices for palm oil were mostly between unchanged and $10 a tonne down from Monday after Malaysian palm oil futures closed between 10 ringgit per tonne higher and 15 ringgit lower, supported by talk of weaker output, while profit taking weighed.
“Most recent market factors are calculated into the prices and dealers were looking for fresh clues. That is why the market drifts a bit,” one broker said.
At 1630 GMT CBOT soyaoil futures were between 0.04 and 0.12 cents per lb up on technical buying and because of a new export deal. Gains were limited by a better-than-expected US soyabean planting pace and due to ample global supplies.
EU rapeoil was quoted between three and seven euros per tonne down on a weaker dollar and because of lower rapeseed futures on the back of a bright global oilseed supply outlook.
The coconut market was still trying to find solid ground after prices fell and rose substantially during the last couple of days. Sellers were offering material around $35 a tonne down from Monday.
Palmkernel oil was quoted between $5 and $15 a tonne high, tracking firmer palm oil futures and supported by the weaker dollar, which underpins products quoted in that currency.—Reuters
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