Palm oil prices on Europe's vegetable oil market were lower on Tuesday following a sharp fall in Malaysian futures linked to weak demand. Crude palm oil offers were cut by $10 to $17.50 a tonne, cif Rotterdam, as the Malaysian futures market, which was closed on Monday for a public holiday, saw its steepest fall in one week.
Cargo surveyor data showed weaker exports during April 1-25, despite the approach of Ramadan, a holy month of day-long fasting and feasting for Muslims across the world that begins at the end of May and spurs higher palm oil demand for cooking.
Intertek Testing Services said on Tuesday that shipments from Malaysia fell 3.4 percent from the corresponding period of the previous month, while Societe Generale de Surveillance reported a 1.2 percent drop.
Palmkernel oil sellers cut offers by $5 to $15 a tonne with trades reported April/May, May/June and June/July shipment.
Asking prices for EU rapeseed oil were cut by 7 to 13 euros a tonne with the strength of the European currency against the dollar adding to the downward pressure on prices.
CBOT soyaoil also fell with the most active contract down 0.8 percent at 31.68 cents per lb at 1610 GMT.
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