Palm oil on the European vegetable oils market was offered in a tight range on Tuesday, with support from stronger CBOT soyaoil futures countered by weaker Malaysian palm oil prices. Asking prices for palm oil were between $5 a tonne up and $5 down from Monday.
Stronger CBOT soyaoil futures and a rally in energy markets, which could improve demand for vegetable oil from biodiesel producers, was met by a dip in Malaysian palm oil futures on slowing Malaysian palm oil exports in the first 25 days of June.
Malaysian palm oil futures closed between eight and 22 ringgit per tonne lower.
At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.15 cents per lb higher on a hike in energy prices and technical buying.
Chicago soyabeans were weaker on the back of the escalating trade dispute between the US and China and beneficial crop weather in the US soyabean belt.
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