Palm oil on the European vegetable oils market was stronger on Monday, tracking gains in Malaysian palm oil futures on positioning ahead of Wednesday's MPOB supply/demand and stocks report. Asking prices for palm oil were between unchanged and $10 a tonne higher after Malaysian palm oil futures closed between 13 and 31 ringgit higher as futures traders anticipate better exports ahead of data due later this week.
"As usual ahead of fresh market data cash market players start to hold back and there was little activity," one broker said. At 1730 GMT, CBOT soyaoil futures were between 0.27 and 0.41 cents per lb lower, following the weaker trend in Chicago soyabeans on technical selling ahead of USDA supply/demand and crop reports, due on Friday. EU rapeoil was quoted between two and three euros per tonne lower, following the weaker trend in Chicago soyaoil futures and due to easier rapeseed futures, which tracked lower CBOT soyabeans.
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