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European vegoils-Palm oil down on improved production outlook
calendar19-07-2017 | linkThe Times of India Business | Share This Post:

18/07/2017 (The Times of India Business) - ROTTERDAM, July 18 (Reuters) - Palm oil on the European vegetable oils market was offered mostly easier on Tuesday as Malaysian palm oil futures closed down on the outlook for higher production during July.

Asking prices for palm oil were mostly between unchanged and $7.50 a tonne lower after Malaysian palm oil futures closed between 19 and 35 ringgit per tonne down.

"After Malaysian palm oil output in June was hampered by Ramadan related holidays July looks set to make up for it," one broker said.

At 1600 GMT, CBOT soyoil futures were between 0.25 and 0.48 cents per lb higher, tracking Chicago soybeans higher on deteriorating U.S. crop ratings and concerns about U.S. crop weather.

EU rapeoil was mostly quoted between unchanged and four euros per tonne lower on the back of a dip in the dollar, which weighs on euro-priced products. Stronger CBOT soyoil futures and slightly firmer rapeseed futures, following the trend in CBOT soybean futures, limited losses.

Coconut oil was offered between $5 and $15 a tonne up from Monday on the back of the weaker dollar, which underpins products quoted in that currency. Palmkernel was mostly unchanged with gains on the back of the dollar offset by weaker palm oil futures and due to slack demand. EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Aug 647.50 (+2.50) Oct/Dec 620/612.50 Jan/Mar 627.50/622.50 (-6.50)

CRUDE PALM OIL, Sumatra/Malaysia sellers option dollars a tonne Aug 655 (+2.50) Oct/Dec 640

RAPEOIL Dutch/EU, euros a tonne fob exmill Aug/Oct 735 (0) Nov/Jan 725 Feb/Jul 711 (-5)

SUNOIL EU, dollars a tonne extank six ports sellers option Aug 780 Sep 782.50 Oct/Dec 792.50/795 Jan/Mar 802.50 (Reporting by Karel Luimes. Editing by Jane Merriman)