Palm oil on the European vegetable oils market was offered mostly easier on Tuesday on the back of weakness in rival soyaoil and because of lower Malaysian palm oil exports in the first 10 days of December. Palm oil was mostly offered between $2.50 and $17.50 a tonne down from Monday despite Malaysian palm oil futures closing between nine and 37 ringgit higher due to concerns over lower output.
Dealers said that as the palm oil futures market was closed on Monday because of a public holiday the gains were mostly calculated into Monday's European cash prices. "Palm oil futures were up by about as much as European cash palm oil rose on Monday. A weaker ringgit, which makes the oil cheaper in dollars, and sellers dropping prices a bit to attract buyers caused today's easier levels," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.11 and 0.23 cents per lb lower on technical selling.
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