News
18.01.2010
European vegetable oils ease
Good crop weather in South America, a stronger dollar and weak mineral oil pushed European vegetable oils lower on Friday, market sources said. "Sentiment is mostly bearish and the strong dollar also helped weighing on price levels, even with slightly better palm oil exports for the first half of January," one broker said.
Around 1730 GMT CBOT soyoil futures were 0.56 to 0.68 cents per lb down on good crop prospects in South America and weaker mineral oil and a strong dollar. Liquid oils were offered flat to five euros per tonne up from Thursday on the back of a steadier dollar after May/July EU rapeoil changed hands at 640 euros per tonne fob exmill, unchanged from Thursday.
Palm oil was offered $5 to $12.50 a tonne down from Thursday after Malaysian palm oil futures closed between 14 and 60 ringgit per tonne down on weaker mineral oil, lower CBOT soyoil and a strong dollar, with slightly firmer palm oil exports for January 1-15 exerting little influence. February delivery RBD palm olein traded at $770 a tonne fob Malaysia, and April/June traded from $790 down to $780, down $10 from Thursday.
Reuters
