Palm oil on the European vegetable oils market edged lower in thin trade on Monday in the absence of direction from the Malaysian palm oil futures market, which is closed on Monday and Tuesday because of public holidays. Asking prices for palm oil were mostly between unchanged and $5 a tonne lower on positioning head of Wednesday's MPOB monthly supply/demand and stocks reports for August, which was expected to be bearish.
CBOT soyaoil futures were between 0.03 cents per lb down 0.05 cents up at 1630 GMT. Technical selling pressured prices but was mostly offset by strength in Chicago soyabeans on the back of technical buying. EU rapeoil was quoted between 1 euro and 7 euros a tonne up from Friday, lifted by technical strength in rapeseed futures and worries over tight supplies after a hot and dry summer. Lauric oils were mostly offered between unchanged and $10 a tonne higher, with few sellers around because of the national holidays in Malaysia.
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