20/06/2017 (The Times Of India) - Palm oil on the European vegetable oils market dropped on Tuesday following weakness in other commodities and profit-taking in Malaysian palm oil futures.

Asking prices for palm oil were between $7.50 and $15 a tonne lower after Malaysian palm oil futures closed between 37 ringgit per tonne down and four ringgit up after coming under pressure from weak palm oil exports.

"It seems a drop in energy markets triggered most of the sell-off in futures and the cash market followed," one broker said 

At 1630 GMT, CBOT soyoil futures were between 0.67 and 0.45 cents per lb lower, following the trend in Chicago soybeans on technicals and because of favourable crop weather in the U.S. Midwest.

EU rapeoil was offered between unchanged for the old crop to 11 euros down for the new crop starting in August. Weakness in CBOT soyoil futures and a sharp fall in rapeseed futures weighed on rapeoil, as did lower energy markets. Lower energy prices could dampen demand for rapeoil from biodiesel makers.

Lauric oils were offered between unchanged and $50 a tonne down from Monday, following weakness in rival oils and because of a lack of demand. The July/August spread between coconut oil and palmkernel oil widened to $675 a tonne. EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Jul 660/654 Oct/Dec 605/603 (-4.50) Jan/Mar 612.50/610

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Aug 645 Oct/Dec 632.50/630 Jan/Mar 740

RAPEOIL Dutch/EU, euros a tonne fob exmill Aug/Oct 717/716 Nov/Jan 720/718 – REUTERS