Palm oil on the European vegetable oils market eased on Monday, tracking lower Malaysian palm oil futures on plans by leading buyer India to increase import taxes for crude palm products. Asking prices for palm oil were mostly between $2.50 and $7.50 a tonne lower after Malaysian palm oil futures closed between 11 ringgit and 19 ringgit a tonne down as sentiment took a hit from India's plans to raise import duty on crude and refined edible oils.
"After holding strong at the end of last week palm oil futures finally caved in under too much recent bearish news," one broker said. CBOT soyaoil futures were between 0.49 and 0.64 cents per lb down at 1630 GMT, pressured by cheaper Chicago soyabeans on good crop weather in the US soyabean belt. Lower energy markets also weighed.
EU rapeoil was offered between 6 euros and 8 euros a tonne down from Friday, tracking lower CBOT soyaoil futures, with further pressure exerted by technical weakness in rapeseed futures. Lauric oils were offered between unchanged and $25 a tonne higher on underlying interest and a stronger ringgit.
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