Palm oil prices on the European vegetable oils market eased on Tuesday, tracking technical selling in Malaysian palm oil futures ahead of fresh stocks data due on Monday. "What goes up must come down eventually this time because of profit-taking. Dealers believe the still huge stocks will not drop as much as was expected," one broker said.
Palm oil was mostly between $2.50 and $17.50 a tonne down from Monday after Malaysian palm oil futures closed between 11 and 22 ringgit per tonne lower as the market took profits in anticipation of higher than expected ending stocks. At 1630 GMT CBOT soyaoil futures were down between 0.47 and 0.61 cents per lb tracking weaker palm oil and due to the outlook for plentiful oilseed supplies as the South American harvest continues.
EU rapeoil was offered between two and four euros per tonne lower following the trend in CBOT soyaoil futures and due to weaker rapeseed futures, which took their cue from lower Chicago soyabeans. Lauric oils dropped sharply on the back of weaker palm oil with sellers trying to part from their material, but not finding many buyers. Asking prices fell by between $37.50 and $65 a tonne.
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