Palm oil on the European vegetable oils market eased on Monday as Malaysian palm oil futures dropped on steep losses in energy markets. Lower energy prices could lead to a fall in demand for vegetable oils from biodiesel producers. Asking prices for palm oil were between $5 and $10 a tonne down from Friday with a strong dollar also weighing on dollar-priced products. Malaysian palm oil futures closed between 22 and 36 ringgit per tonne lower.
The absence of a lead from the CBOT markets, which were closed on Monday for the Memorial Day holiday, dampened buying enthusiasm on the European cash market. EU rapeoil was quoted between one and two euros per tonne lower, tracking easier rapeseed futures and pressured by lower energy markets.
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