European vegoils-Palm oil prices fall as demand weakens
25/04/2017 (finance.yahoo.com) - LONDON, April 25 (Reuters) - Palm oil prices on Europe's vegetable oil market were lower on Tuesday following a sharp fall in Malaysian futures linked to weak demand.
Crude palm oil offers were cut by $10 to $17.50 a tonne, cif Rotterdam, as the Malaysian futures market, which was closed on Monday for a public holiday, saw its steepest fall in one week.
Cargo surveyor data showed weaker exports during April 1-25, despite the approach of Ramadan, a holy month of day-long fasting and feasting for Muslims across the world that begins at the end of May and spurs higher palm oil demand for cooking.
Intertek Testing Services said on Tuesday that shipments from Malaysia fell 3.4 percent from the corresponding period of the previous month, while Societe Generale de Surveillance reported a 1.2 percent drop.
Palmkernel oil sellers cut offers by $5 to $15 a tonne with trades reported April/May, May/June and June/July shipment.
Asking prices for EU rapeseed oil were cut by 7 to 13 euros a tonne with the strength of the European currency against the dollar adding to the downward pressure on prices.
CBOT soyoil also fell with the most active contract down 0.8 percent at 31.68 cents per lb at 1610 GMT.
EUROPEAN VEG OILS TRADES - - - - - - - - - - - - - - - - - - - - - - RAPEOIL Dutch/EU euro tonne fob exmill.
May/Jul 2018 714 PALM OLEIN RBD dlrs tonne fob Malaysia June 640, July/Sep 605/597.50, Oct/Dec 585/582.50, Jan/Mar 590 COCONUT OIL Phil/Indo dlrs tonne
May/June 1680 PALMKERNEL OIL Mal/Indo dlrs tonne
Apr/May 1002.50, May/Jun 992.50, Jun/Jul 982.50 (Reporting by Nigel Hunt; editing by Susan Thomas)