Palm oil on the European vegetable oils market eased on Monday in line with Malaysian palm oil futures, which eased on concerns over slowing global demand and because of smaller exports during the first 25 days of October. "Overall weakness pushed prices down in most segments. The lower prices did not spark much business yet in the European cash market," one broker said.
Palm oil was offered between $2.50 and $10 a tonne down from Friday after Malaysian palm oil futures closed between 33 and 49 ringgit a tonne down on worries over slowing global demand and smaller exports. CBOT soyaoil futures were between 0.62 cents and 0.69 cents per lb down at 1630 GMT on technical selling and prospects for increased producer soyabean sales in Argentina. A strong showing by Argentina's main opposition candidate in weekend presidential elections has raised the prospect of a currency devaluation, which could trigger farmer sales. Easier levels in rival palm oil and slightly weaker energy prices also weighed.
EU rapeoil was mostly offered between unchanged and 5 euros per tonne down from Friday, tracking weak rapeseed futures, which followed the trend in Chicago Soyabeans, and lower CBOT soyaoil futures. Lauric oils were offered between $5 and $20 a tonne down from Friday, tracking the trend in palm and soyaoil. Slack overall demand also weighed on prices.
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