MARKET DEVELOPMENT
European Vegoils-EU Rapeseed Oil Falls Further as Asking Prices Cut
European Vegoils-EU Rapeseed Oil Falls Further as Asking Prices Cut
20/04/2017 (Reuters) - European Union rapeseed oil prices fell on Wednesday, extending Tuesday's decline, weighed partly by weakness in EU rapeseed futures.
Sellers cut asking prices by 6.00 and 20.00 euro a tonne, helping to stir buying interest, with trades reported for April and May delivery as well as Aug/Oct-Nov/Jan as a combination.
Dealers said recent weakness in other vegetable oil markets contributed to the downward pressure on prices, with Malaysian palm oil futures falling to an eight-month low.
"Apart from a recovery in supplies following El Nino last year, palm oil prices have been pressured by lower soya oil prices," AHDB senior analyst Amandeep Kaur Purewal said in a market note.
Brokers and traders said activity in palm oil was subdued and markets were seen remaining quiet on Thursday due to a major trade dinner by Rotterdam organized by the Netherlands Oils, Fats and Oilseeds Trade Association (NOFOTA).
Coconut oil prices were higher with supplies in the Philippines remaining tight, while palm kernel oil tracked weakness in palm oil.
EUROPEAN VEG OILS TRADES - - - - - - - - - - - - - - - - - - - - - - April 19, 2017 – 1600 GMT RAPEOIL Dutch/EU euro tonne fob exmill
Apr 768, May 764, Aug/Oct-Nov/Jan (combination) 712/710 PALM OLEIN RBD dlrs tonne fob Malaysia
June 627.50, July/Sep 595/589 COCONUT OIL Phil/Indo dlrs tonne
May/Jun 1590
Sellers cut asking prices by 6.00 and 20.00 euro a tonne, helping to stir buying interest, with trades reported for April and May delivery as well as Aug/Oct-Nov/Jan as a combination.
Dealers said recent weakness in other vegetable oil markets contributed to the downward pressure on prices, with Malaysian palm oil futures falling to an eight-month low.
"Apart from a recovery in supplies following El Nino last year, palm oil prices have been pressured by lower soya oil prices," AHDB senior analyst Amandeep Kaur Purewal said in a market note.
Brokers and traders said activity in palm oil was subdued and markets were seen remaining quiet on Thursday due to a major trade dinner by Rotterdam organized by the Netherlands Oils, Fats and Oilseeds Trade Association (NOFOTA).
Coconut oil prices were higher with supplies in the Philippines remaining tight, while palm kernel oil tracked weakness in palm oil.
EUROPEAN VEG OILS TRADES - - - - - - - - - - - - - - - - - - - - - - April 19, 2017 – 1600 GMT RAPEOIL Dutch/EU euro tonne fob exmill
Apr 768, May 764, Aug/Oct-Nov/Jan (combination) 712/710 PALM OLEIN RBD dlrs tonne fob Malaysia
June 627.50, July/Sep 595/589 COCONUT OIL Phil/Indo dlrs tonne
May/Jun 1590