Palm oil on the European vegetable oils market were mostly higher on Tuesday as both Malaysian futures and CBOT soyaoil regained some ground after recent declines. RBD palm olein for July/September shipment last traded at $620 per tonne, up $2.50 from Monday, while October/December changed hands at $609, up $4.
Malaysian palm oil futures rebounded on Tuesday, up from a five-month low touched in the previous session, tracking a revival in soyaoil on the Chicago Board of Trade.
May soyaoil futures contract on the Chicago Board of Trade was up 0.6 percent at 32.49 cents per lb at 1612 GMT, regaining some ground after slumping to a low of 31.65 cents on Monday, the weakest level for the contract since August 2016.
Prices had been weighed by ample supplies following a bumper South American soyabean harvest.
"For now is a plus (gain) if a small one, but I don't think we've seen the bottom (of the market)," one broker said.
US farmers are also expected to increase sowings of the oilseed with the US Department of Agriculture's planting intentions report due to be relesaed on Friday.
EU rapeoil was quoted between 7 and 13 euros per tonne higher, tracking gains in both CBOT soyaoil and European rapeseed futures.
Lauric oils, however, remained on the defensive with buyers scarce. Coconut oil was offered $35 to $40 a tonne lower while palmkernel oil ranged from $10 a tonne higher to $30 lower.
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