Palm oil on the European vegetable oils market was offered in a tight range, following the lead of little-changed Malaysian palm oil futures. Asking prices for palm oil were mostly between $2.50 a tonne higher and $2.50 lower, with a weaker ringgit weighing slightly on cash prices after Malaysian futures closed between 9 ringgit a tonne up and 5 ringgit down.
CBOT soyaoil futures were between 0.04 and 0.06 cents per lb down at 1730 GMT, tracking weaker Chicago soyabeans, which were down on long liquidation and because of weekend rains in Argentina. Slightly easier energy markets also weighed.
Technical buying, as CBOT traders sold soyameal contracts and bought back soyaoil futures, limited losses. EU rapeoil was quoted between 5 euros and 7 euros a tonne down, tracking weaker Chicago soyaoil futures and coming under pressure from lower rapeseed futures, following the weaker trend in CBOT soyabeans. An easier dollar also weighed on euro-priced products. Lauric oils were offered between $10 a tonne lower and $5 higher, pressured by lack of buyers and a weaker ringgit. Dollar weakness limited losses as it underpins products quoted in that currency.
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