MARKET DEVELOPMENT
European Vegoils-Palm Oil Eases on Poor Exports and Firm Dollar
European Vegoils-Palm Oil Eases on Poor Exports and Firm Dollar
16/02/2016 (Reuters) - Palm oil on the European vegetable oils market eased on Monday on poor exports for the first 15 days of February and due to a strong dollar.
"Palm oil exports were still below par compared to the same period last month, but they were much better than the comparison for the first 10 days of February. Otherwise the market was fairly slow due to the absence of a direction from Chicago due to Presidents Day holiday," one broker said.
Palm oil was mostly offered between $5 and $15 a tonne down from Friday after Malaysian palm oil futures closed between 41 and 53 ringgit per tonne lower, weighed down by weaker-than-expected export data, which sparked some profit-taking following recent gains.
Liquid oils - EU rapeoil, soyoil and sunoil - were mostly offered between two and five euros a tonne up on the back of firmer rapeseed futures and because of a stronger dollar, which supports products priced in euros.
Demand was slow due to the lack of direction from Chicago. Lauric oils were offered between unchanged and $15 a tonne up on concerns over output because of the El Nino weather pattern and some underlying demand.
"Palm oil exports were still below par compared to the same period last month, but they were much better than the comparison for the first 10 days of February. Otherwise the market was fairly slow due to the absence of a direction from Chicago due to Presidents Day holiday," one broker said.
Palm oil was mostly offered between $5 and $15 a tonne down from Friday after Malaysian palm oil futures closed between 41 and 53 ringgit per tonne lower, weighed down by weaker-than-expected export data, which sparked some profit-taking following recent gains.
Liquid oils - EU rapeoil, soyoil and sunoil - were mostly offered between two and five euros a tonne up on the back of firmer rapeseed futures and because of a stronger dollar, which supports products priced in euros.
Demand was slow due to the lack of direction from Chicago. Lauric oils were offered between unchanged and $15 a tonne up on concerns over output because of the El Nino weather pattern and some underlying demand.