Palm oil on the European vegetable oils market eased on Monday on follow-through selling in Malaysian palm oil futures because of a rise in import tax on palm oil by India on Friday. India, the world's biggest edible oil importer, raised its import tax on crude palm oil to 44 percent from 30 percent and increased tax on refined palm oil to 54 percent from 40 percent in a bid to support local farmers.
Asking prices for palm oil were between unchanged and $15 a tonne down from Friday, also because of slow trade as many players were absent visiting the annual Price Outlook Conference in Kuala Lumpur. Malaysian palm oil futures closed between five and 16 ringgit per tonne lower, with a stronger ringgit also weighing as it makes palm oil more expensive for foreign buyers and could dampen export demand.
At 1730 GMT, CBOT soyoil futures were between 0.01 and 0.14 cents per lb higher on concerns that hot and dry weather will reduce Argentine soybean production. Higher energy prices also underpinned soyoil. EU rapeoil was offered between unchanged and one euro per tonne lower in slow trade and pressured by technical weakness in rapeseed futures.
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