Palm oil on the European vegetable oils market eased late on Tuesday on the back of a strong dollar after opening firmer on trade talk of a sharp fall in December Malaysian palm oil output. "After palm oil moved up with optimism in Malaysian palm oil futures it eased off the day's highs because of a stronger dollar and bearish sentiment around the Chinese economy," one broker said.
Palm oil was mostly offered between $5 a tonne down and $5 up from Monday after Malaysian palm oil futures closed between 15 ringgit a tonne down and 21 ringgit higher after traders forecast sharp falls in December output. At 1730 GMT CBOT soyoil futures were between 0.36 and 0.46 cents per lb down lower on technical selling and because of weaker energy prices with Brent dropping under $37 a barrel.
Liquid oils - rapeoil, soyoil and sunoil - were mostly offered between two and eight euros per tonne higher, supported by a technical recovery in rapeseed futures and because of a stronger dollar, which underpins products quoted in euros. Coconut oil was offered around $10 a tonne down from Monday as sellers were willing to accept lower bids, while palmkernel oil was quoted flat to $5 a tonne up in line with gains in palm oil futures.
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