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European veg oil drift, need durection

LONDON: European vegetable oils drifted in dull trading in a market needing fresh direction.

"We are not getting much in the way of leads from overseas markets and consumers are quiet at the moment so the market is tending to drift," said a trader In palm oil, European prices stood little changed from last night's close.

Crude palm oil cif Europe was unchanged after Oct/Dec traded at $577.50 a tonne cif.

Malaysian palm product sellers were unchanged for RBD oil and $2.50 up to $2.50 down for olein.

Traders said the market was waiting for Malaysian export data on Friday whilst a holiday in Malaysia on Thursday also kept business quiet.

"The short term outlook is bearish because I expect the August PORLA figures to show a fairly large increase in Malaysian stocks," said one market participant.

A Far East trader said Pakistan had been in the market this morning for 6,000 tonnes of palm oil but the tender had been aborted owing to a lack of shipping.

"I think they wanted first half September shipment but no one had anything available," he said.

Coconut oil sellers were around $5-$7.50 up but traders said the increase was not connected to the effects of typhoon Kent.

"It's just sellers trying it on," said one

In soft oils Dutch soy oil offers were 0.50 guilders up to unchanged while Dutch/EU rape oil was 0.50 guilders down to 0.25 guilders higher after Sep traded at 93 guilders a 100 kilos fopb ex-mill. -Reuter