Palm oil eases on European vegoils market

Palm oil on the European vegetable oils market eased on Tuesday on the back of lower energy markets while a strong dollar also put pressure on prices. Asking prices for palm oil were between unchanged and $7.50 a tonne lower, also pressured by technical weakness in CBOT soyaoil futures. There was no direction from Malaysian palm oil futures, which were closed for a public holiday. At 1630 GMT, CBOT soyaoil futures were between 0.11 and 0.26 cents per lb lower as CBOT traders sold soyaoil contracts and bought soyameal futures. EU rapeoil was quoted between unchanged and three euros per tonne higher, supported by firmer rapeseed futures and because of the strong dollar, which underpins euro-priced products.