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European vegoils-Palm oil dips on escalating US-China trade dispute

European vegoils-Palm oil dips on escalating US-China trade dispute

Wed July 11 2018

 

Palm oil on the European vegetable oils market dropped on Wednesday, tracking a dip in Malaysian palm oil futures on the back of concerns over an escalating trade dispute between the United States and China.

 

Asking prices for palm oil were between $10 and $17 a ton lower after Malaysian palm oil futures closed between 49 and 56 ringgit a ton down. Weaker CBOT soyoil futures also weighed.

 

At 1630 GMT, CBOT soyoil futures were between 0.44 and 0.50 cents per lb lower, tracking sharply lower Chicago soybeans on fears of reduced demand for US supplies from top global soy buyer China. A sharp fall in energy markets pressured soyoil futures as well.

 

EU rapeoil was quoted between five and 14 euros per ton lower, following the sharply weaker trend in Chicago soyoil futures and due to weakness in rapeseed futures on technicals and fading worries over a dry spell in rapeseed growing areas.

 

Pressure on rapeoil also came from lower energy prices, which weigh on vegetable oils because they could reduce demand from biodiesel producers.

 

Lauric oils were mostly offered between unchanged and $10 a ton lower, following the weaker tone in palm oil and pressured by lack of demand.

 

Source: Reuters

Technical Research
Prices
Thursday, November 15, 2018
ExchangeCommodityContractOpenHighLowClose
MCXCrude Palm Oil - MCXNov18528.4530519.3524.2
NCDEXMustard SeedNov184120412040904113
NCDEXSoy OilNov18742745741.6743
NCDEXSoyabeanNov183370339033653380
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