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Tuesday, 29 Aug, 2017

European vegoils-Palm oil down with futures on stronger ringgit

ROTTERDAM, Aug 28 (Reuters) - Palm oil on the European vegetable oils market eased on Monday, tracking Malaysian palm oil futures pressured by a stronger ringgit, which could hamper export demand.

Asking prices for palm oil were between unchanged and $5 a tonne down from Friday after Malaysian palm oil futures closed between 6 ringgit and 19 ringgit lower.

"The market was very slow due to a public holiday in the UK and with some Malaysian holidays later this week," one broker said.

CBOT soyoil futures were between 0.07 and 0.19 cents per lb higher at 1600 GMT on concerns over U.S. crop weather after Tropical Storm Harvey, which made landfall in Texas at the weekend. Weaker energy prices limited gains.

EU rapeoil was quoted between 1 euro a tonne up and 1 euro down, with support from stronger CBOT soyoil offset by weaker energy prices and dollar weakness weighing on euro-priced products.

A stronger ringgit and the weak dollar supported lauric oils. Asking prices were between unchanged and $25 a tonne higher. Demand was slow. EUROPEAN VEG OILS TRADES

RAPEOIL Dutch/EU, euros a tonne fob exmill Nov/Jan 746 Aug/Oct 2018 699 (0) (Reporting by Karel Luimes; Editing by David Goodman)

Source : Times of India



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