MARKET DEVELOPMENT
European Vegoils-Palm Oil Prices Stabilise After Fall
European Vegoils-Palm Oil Prices Stabilise After Fall
28/01/2015 (Reuters) - Palm oil offers on the European vegetable oil market were little changed on Tuesday, with signs of stability after recent weakness.
RBD palm olein offers were raised by about $2.50 a tonne, with April/June shipments changing hands at both $615 and $617.50 a tonne.
The position had traded down to $617.50 on Monday after a prolonged slide from as high as $660 a week earlier.
Prices have been capped by expectation of a large crop in Malaysia, the world's second-largest producer, and expected record soybean crops in South America.
Soyoil and rapeoil offers were lower but failed to stir much buying interest. February EU rapeoil changed hands at 662 euros a tonne early in the day.
RBD palm olein offers were raised by about $2.50 a tonne, with April/June shipments changing hands at both $615 and $617.50 a tonne.
The position had traded down to $617.50 on Monday after a prolonged slide from as high as $660 a week earlier.
Prices have been capped by expectation of a large crop in Malaysia, the world's second-largest producer, and expected record soybean crops in South America.
Soyoil and rapeoil offers were lower but failed to stir much buying interest. February EU rapeoil changed hands at 662 euros a tonne early in the day.