MARKET DEVELOPMENT
European Vegoils-Palm Oil Eases on Unexpected Output Rise
European Vegoils-Palm Oil Eases on Unexpected Output Rise
24/02/2016 (Reuters) - Palm oil on the European vegetable oils market eased slightly on Tuesday on a surprise rise in output and because of weaker energy markets.
Palm oil was mostly offered unchanged and $7.50 a tonne down from Monday after Malaysian palm oil futures closed between 19 and five ringgit per tonne down on data from a palm millers' body showing an unexpected rise in production.
CBOT soyoil futures were down by between 0.40 cents and 0.64 cents per lb at 1730 GMT on prospects for growing global soybean supplies as the South American harvest gathers pace. Sharply lower energy prices also weighed on soyoil futures.
EU rapeoil was offered between 2 euros and 4 euros a tonne down from Monday on weak energy and because of lower rapeseed futures, which tracked Chicago soybeans, and a brighter global oilseed supply outlook.
Coconut oil was offered flat to $2.50 down from Monday, pressured by a stronger dollar, which weighs on dollar-priced products. Palmkernel oil was quoted as much as $10 a tonne up on improved underlying demand, with only a few sellers around.
Palm oil was mostly offered unchanged and $7.50 a tonne down from Monday after Malaysian palm oil futures closed between 19 and five ringgit per tonne down on data from a palm millers' body showing an unexpected rise in production.
CBOT soyoil futures were down by between 0.40 cents and 0.64 cents per lb at 1730 GMT on prospects for growing global soybean supplies as the South American harvest gathers pace. Sharply lower energy prices also weighed on soyoil futures.
EU rapeoil was offered between 2 euros and 4 euros a tonne down from Monday on weak energy and because of lower rapeseed futures, which tracked Chicago soybeans, and a brighter global oilseed supply outlook.
Coconut oil was offered flat to $2.50 down from Monday, pressured by a stronger dollar, which weighs on dollar-priced products. Palmkernel oil was quoted as much as $10 a tonne up on improved underlying demand, with only a few sellers around.