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European vegetable

oils sag at close

LONDON: Lower Chicago futures and lack of any firm news on India's tender for palm oil pushed European vegeteble oil prices lower towards the close.

Earlier today it had been reported that India's State Trading Corporation was seeking 6,000 tonnes each of RBD palm olein for first half October and October 10-20 shipment.

But by the close of business no result had been received.

Crude palm oil cif Europe closed $5 down after Aug traded at $617.50 and Jan/Mar at $585 a tonne cif.

RBD palm oil closed $5 down while olein was $5 to $10 lower at the close in Europe.

Coconut oil shed between $2.50 to $12.50 a tonne this afternoon with pressure coming from sellers in the Far East.

Trading was light with Sep/Oct fetching $660 a tonne cif.

Palmkernel oil closed $7.50 to $10 lower after Aug/Sep traded at $665 a tonne cif.

Lower Chicago futures trimmed around 1.50 guilders off Dutch soy oil prices by the close after Sep/Oct traded at 102.50 and Nov/Jan at 100 guilders a 100 kilos fob ex-mill.

Rape oil closed 0.50 to 1.50 guilders down with business reported for Oct at 96.25, Nov/Jan at 97.50 and Feb/Apr at 98.75 guilders.-Reuter