Palm oil slightly lower in Europe<\/p>\n
LONDON (Reuter): Palm oil prices drifted lower at midday
\nyesterday in Europe with easier futures markets in Asia and the
\nU.S. pressuring prices.<\/p>\n
However, traders said the underlying tone of the market
\nremains fully steady.<\/p>\n
Kuala Lumpur palm oil futures closed lower following the
\nrelease of the Malaysian Palm Oil Registration and Licensing
\nAuthority's (PORLA) dated for April.<\/p>\n
PORLA put local palm oil output at 733,245 tons, 7.24 percent
\nabove their end-March figure while stocks were 697,714 tons
\nagainst 690,167 tons at end-March.<\/p>\n
Exports during April were running at 570,067 tons against
\n579,642 tons at end-March.<\/p>\n
Although the report was seen as bearish in Asia Europe sellers
\nwere reluctant to lower prices.<\/p>\n
Traders said palm oil had not fallen as much as people had
\nhoped and sellers were finding it difficult to find cheap
\nreplacement material when they made a sale.<\/p>\n
\"For this reason there are not many sellers about, but on the
\nother hand there isn't much consumer interest at the moment which
\nmakes it a very difficult market to explain,\" said one trader.<\/p>\n
At midday crude palm oil cif Europe was unchanged to US$2.50
\ndown, but in a quiet market no business was reported.<\/p>\n
Among products RBD palm oil was $5 down to unchanged and olein
\n$2.50 to $5 lower after Jul\/Sep traded at $562.50, $565 and
\n$567.50 a ton fob Malaysian ports.<\/p>\n
Coconut oil was little changed with sellers unchanged to $5
\ndown while palmkernel oil was unchanged.<\/p>\n
Lower Chicago futures overnight depressed soft oils with soy
\noil 0.50 to 1.25 guilders down and rape oil 0.50 to 1.50 guilders
\nlower.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/palm-oil-slightly-lower-in-europe-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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