Palm oil on the European vegetable oils market was mostly offered firmer on Tuesday on a weaker dollar, although July shipment eased with Malaysian palm oil futures. July shipment palm oil was offered $17.50 a tonne down from Monday, while other positions were quoted between unchanged and $2.50 higher. Malaysian palm oil futures closed between flat and 18 ringgit per tonne lower.
"The market drifted a little today, waiting for a clear direction from Chicago futures following recent rallies on hot and dry weather in the US Midwest," one broker said. At 1630 GMT, CBOT soyaoil futures were between 0.02 cents per lb up and 0.12 cents lower, pressured by profit-taking and hedge-related selling in Chicago soyabeans. Stronger energy markets limited losses.
July delivery EU rapeoil eased 5 euros ($5.72) from Monday, but it was still firm compared to new crop positions, starting from August. Technicals and short positions underpinned July, while new crop was quoted between unchanged and 4 euros higher, tracking strength in energy markets. Easier rapeseed futures due to profit taking from recent gains, limited the rise in rapeoil. Lauric oils were mostly offered between unchanged and $30 a tonne lower on slack demand, weakness in palm oil futures and because of expectations of increased palmkernel oil production.
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