European palm oil prices were little changed on Monday as slim trade and a holiday in the United States subdued the market. Asking prices for crude palm oil (CPO) were broadly steady, with some positions gaining between $2.50 and $5 per tonne. The front position remained unchanged, while November-December stocks edged up $2.50 to $532.50 per tonne. RBD palmolein prices eased, with nearly all positions cut by $2.50 per tonne. Stocks for January-March delivery last traded between $532.50 and $535, as much as $5 below the market and $3.50 under Friday’s lowest traded level.
Palmkernel oil prices, meanwhile, made some gains and recovered somewhat from cuts in the previous session. The September-October position rose by $10 to $720 per tonne. Malaysian palm oil futures also edged up, as weaker Asian markets pushed Malaysia’s currency to a 17-year low. The benchmark November contract closed 0.8 percent above the previous trading session.
A weak Malaysian ringgit supports prices by making local palm oil cheaper for international buyers. But thin trade kept a lid on European prices, as Labor Day shuttered markets in the United States. Traders also said they expect prices to ease further under pressure from fundamental elements. “Production is still pretty good and there’s hardly any demand,” one European trader said. “I think we’ll see some lower prices very soon.” Coconut oil asking prices were slightly higher for some positions, with the front month rising $5 to $1,030 per tonne. Sunoil also made gains, with all positions climbing by 10 euros per tonne.
