Palm oil on the European vegetable oils market eased on Monday on an outlook for slowing demand and because of lower CBOT soyaoil futures. Asking prices for palm oil were between $2.50 and $12.50 per tonne down after Malaysian palm oil futures closed between seven ringgit per tonne higher and eight ringgit lower, hit by weaker demand and losses in US soyaoil futures.
At 1630 GMT, CBOT soyaoil futures were between unchanged and 0.30 cent per lb lower with Chicago soyabeans on concerns about demand from China amid a lack of fresh deals with the top global buyer of the oilseed. EU rapeoil was quoted between three euros per tonne up and one euro down, mostly tracking the weaker trend in Chicago soyaoil futures. Old-crop rapeoil was offered firmer to close the gap with pricier new-crop positions. Old-crop May/July usually makes a premium over new-crop August/October, but is at a discount of five euros.
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