European vegoils-Palm oil lower on easier global markets
21/06/2017 (The Times of India Business) - ROTTERDAM, June 21 (Reuters) - Palm oil on the European vegetable oils market continued lower on Wednesday on follow-through selling in global commodities and vegetable oils markets.
Asking prices for palm oil were between flat and $10 a tonne down from Tuesday after Malaysian palm oil futures closed between 16 and 25 ringgit per tonne lower, tracking related oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
"Today was a more or less copy of yesterday, but we could see more demand by tomorrow on bargain buying and maybe hot and dry European weather might cause some nervousness among buyers," one broker said.
At 1630 GMT CBOT soyoil futures were between 0.02 and 0.16 cents per lb lower, tracking easier Chicago soybeans on beneficial crop weather in the U.S. Midwest with cooler temperatures and scattered showers forecast. Weaker energy markets also weighed.
EU rapeoil was offered between five and six euros lower, tracking weaker CBOT soyoil futures and because of technical weakness rapeseed futures. Easier energy prices also weighed as they could dampen rapeoil demand by biofuel producers.
Lauric oils were mostly offered between unchanged and $20 a tonne down from Tuesday, tracking losses in palm oil and due to lack of buying interest. EUROPEAN VEG OILS TRADES
PALM OLEIN RBD, dollars a tonne fob Malaysia Jul 655 (+1) Sep 613.50 Oct/Dec 596 (-7) Jan/Mar 605 (-5)
CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Jul 650
RAPEOIL Dutch/EU, euros a tonne fob exmill Feb/Apr 712 (Reporting by Karel Luimes; editing by Susan Thomas)