Markets

Palm oil down on demand woes

Palm oil eased further on Thursday on the European vegetable oil market on worries over demand in thin trade due to the absence of Chicago markets, which were closed for the Thanksgiving Day holiday.

Published

8 years ago

November 23, 2012

Rithy Chey

Palm oil eased further on Thursday on the European vegetable oil market on worries over demand in thin trade due to the absence of Chicago markets, which were closed for the Thanksgiving Day holiday.

* “Speculators continued to cut long positions on worries over demand for palm oil following recent disappointing export data and concerns over the growth of the global economy,” one broker said.

* Palm oil was offered between $2.50 and $12.50 a tonne down from Wednesday after Malaysian palm oil futures closed between 23 and 40 ringgit per tonne down on concerns over a slowdown in demand and chances that already record high palm oil stocks will grow further.

* Jan delivery RBD palm olein changed hands at $820 a tonne fob Malaysia, Jan/March traded $7.50 down from Wednesday between $825 and $820, April/June fetched between $855 and $845, down $5 and July/Sept traded at $862.50.

* Crude palm oil traded at $845 a tonne cif Rotterdam for Jan/March and April/June changed hands at $870 cif.

* Liquid oils – soyoil, rapeoil and sunoil – were offered hardly changed from Wednesday due to the absence of a direction from Chicago markets and a lack of participation with many players visiting the…

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Palm oil down on demand woes

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