Malaysian palm oil futures slid for a third consecutive session on Monday, falling to its lowest since mid-November as slowing demand and expectations of higher supplies weighed on the market.
LONDON: Palm oil prices on the European vegetable oils market rose on Friday while rapeseed oil offers were little changed in quiet conditions.
The rise in palm oil mirrored a similar trend in Malaysian futures where the advance was attributed to a technical correction after sharp falls earlier in the week and stronger demand ahead of Ramadan.
Crude palm oil for July/September shipment was offered $5.00 a tonne higher at $635.00 a tonne with trades reported at both $632.50 and $635.
Brokers said activity was subdued following a major trade dinner in Rotterdam on Thursday organised by the Netherlands Oils, Fats and Oilseeds Trade Association (NOFOTA).
Coconut oil sellers were particularly scarce, with available offers at sharply higher levels, while potential buyers opted to remain on the sidelines.
Brokers said supplies of coconut oil remained tight.
EU rapeseed oil prices were little changed with a weaker euro helping to offset a decline in CBOT soybean oil where the most active contract was down 0.4 percent at 31.99 cents per lb at 1639 GMT. - Reuters
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