Crude palm oil was offered mostly easier on Tuesday on the back of a weaker ringgit, which at the same time underpinned firm Malaysian palm oil futures due to export hopes. "The easier ringgit made palm oil cheaper for foreign buyers, which could boost export demand," one broker said.
Crude palm oil was offered between $2.50 a tonne up from Monday and $10 a tonne down after Malaysian palm oil futures closed between 15 and 25 ringgit per tonne higher, supported by a decline in the ringgit against the dollar, which triggered short covering. At 1630 GMT CBOT soyoil futures were between 0.07 and 0.10 cents per lb up, supported stronger Chicago soybeans, on concerns over rain-induced planting delays in the US soybean belt because, and due to gains in energy markets. EU rapeoil was offered between one and two euros per tonne up from Monday, with a weaker dollar weighing on euro-priced products and slightly easier rapeseed futures, due to technical selling.
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