Prices on Europe's vegetable oils market were mostly lower on Tuesday, slipping back after the recent strong advance. Some dealers said the run-up in prices had been overdone and the modest decline mirrored a similar trend in Malaysian palm oil futures. EU rapeoil asking prices were trimmed by between 1 and 7 euros a tonne, while November-January delivery last traded at 727 euros, down 3 euros from last business on Monday.
Malaysian palm oil futures fell from a 10-week high on Tuesday as investors cashed in on the recent strength in prices. RBD palm olein offers ended the day unchanged to $10 a tonne lower with October/December shipment last traded at $677.50 a tonne, down $2.50 from last business on Monday. However, CBOT soyabean oil futures had already begun to move higher again in late trading on Tuesday suggesting the setback may be short-lived. The most active soyaoil contract was up 0.65 percent at 33.86 cents per lb at 1605 GMT. Coconut oil asking prices also remained firm, ranging from unchanged to $10 a tonne higher while palmkernel offers were mostly higher.
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