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European vegoils-Palm oil eases on slowing exports
calendar01-11-2017 | linkThe Times of India Business | Share This Post:

The Times of India Business (31/10/2017) - ROTTERDAM, Oct 31 (Reuters) - Palm oil on the European vegetable oils market eased on Tuesday because of weaker Malaysian palm oil futures and a slowdown in growth in October Malaysian palm oil exports.

Asking prices for palm oil were mostly between $2.50 and $10 a tonne down from Monday after Malaysian palm oil futures closed between seven and 25 ringgit per tonne lower on profit taking and due to weakness in related edible oils.

"October Malaysian palm oil exports were only around 2.5 percent up from last month, which will probably lead to a further increase in ending stocks, which should weigh on prices," one broker said.

Trade overall was slow with many players at a trade dinner in Antwerp and because of a public holiday in Germany.

At 1730 CBOT soyoil futures were up between 0.06 and 0.10 cents per lb, after Chicago soybeans rose on improving export demand and light deliveries against the CBOT November soybean contract. Slightly firmer energy markets also underpinned soyoil.

EU rapeoil was offered between unchanged and five euros per tonne up, with strength mostly in nearby positions because of technicals.

Lauric oils were offered between flat and $10 a tonne lower, tracking easier palm oil and pressured by a lack of demand. EUROPEAN VEG OILS TRADES

PALM OLEIN RBD, dollars a tonne fob Malaysia Jan/Mar 697.50 (-5) Apr/Jun 795 (-7.50)

RAPEOIL Dutch/EU, euros a tonne fob exmill Feb/Apr 756 (+1) May/Jul 745 (-1) (Reporting by Karel Luimes; Editing by Edmund Blair)