Palm oil eases on European vegoils market

Palm oil on the European vegetable oils market continued to ease on Tuesday on fading demand and follow-through technical selling in Malaysian palm oil futures. Asking prices for palm oil were mostly between $10 and $17.50 a tonne down after Malaysian palm oil futures closed between unchanged and 12 ringgit per tonne lower, but well off the day's lows.
"It looks like there is little confidence in the market at the moment with bearish sentiment and ample supplies directing prices," one broker said. At 1630 GMT CBOT soyoil futures were 0.11 to 0.41 cents per lb lower on expectations for improving US crop weather. Easier energy markets also weighed. EU rapeoil followed the trend in Chicago soyoil and was offered between one and five euros per tonne down from Monday.