960416

European vegetable

oils follow lower

overseas lead

LONDON: Most sectors of the European vegetable oil market closed lower following easier trends overseas.

Palm oil prices closed lower following liquidation by players in the Far East after the release on Monday of bearish Malaysian crop data by PORLA.

Trade reports that India had bought 6,000 tonnes of olein at its tender on Tuesday failed to give the market any support.

India's State Trading Corp bought 3,000 tonnes of olein at $582 a tonne c and f Visakhapatnam and 3,000 tonnes at $584.50 a tonne c and f Calcutta for shipment May 8-22, traders said.

Lower Chicago futures at the opening on Tuesday added to the bearish trended with crude palm oil cif Europe $10 down at the close after Apr traded at $575, May at $555, July/Sep at $540 and Oct/Dec at $540 a tonne cif.

Malaysian palm products finished around $7.50 to $12.50 down with no further business reported during Tuesday afternoon.

Soft oils attracted some consumer and dealer trading with May/Jul soy oil fetching 96 guilders while 95 guilders was said for May/Jul rape oil and 98 and 97.50 guilders for Aug/Oct.

Closing soft oil sellers were 1.50 to 2.50 guilders down.

Coconut oil just about crept off the starting line with sellers $2.50 up at the close while palmkernel oil was $5 higher in neglected markets.-Reuter