Palm oil on the European vegetable oils market was offered lower on Thursday due to slower Malaysian palm oil exports during the first 20 days of November. "Dwindling exports were the main reason for prices to come down a bit. Overall lack of fresh market moving news kept trade quite quiet," one broker said.
Palm oil was offered between $2.50 and $7.50 a tonne down from Wednesday. Malaysian palm oil futures closed between 12 and 24 ringgit per tonne down after bearish export data and declines in competing bean oil markets weighed on prices. A weaker ringgit provided some support. At 1730 GMT CBOT soyaoil futures were between 0.02 and 0.08 cents per lb down as CBOT players bought soyameal futures and sold soyaoil. Losses were limited by steadier mineral oil prices.
Liquid oils - EU rapeoil, soyaoil and sunoil - were mostly offered between one euro per tonne down and three euros up from Wednesday, mostly tracking CBOT soyaoil futures and supported by slightly firmer rapeseed futures, which tracked CBOT soyabeans in a technical rebound. Lauric oils were mostly offered between $2.50 a tonne up and $20 down from Wednesday, mostly following palm oil futures and because of a weaker ringgit.
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