Palm oil on the European vegetable oils market edged lower on Tuesday, following Malaysian palm oil futures and overnight weakness in CBOT soyaoil futures, and amid expectations of slowing export growth. Asking prices for palm oil were between unchanged and $5 per tonne down, also pressured by a weaker ringgit. Malaysian palm oil futures closed between seven and 16 ringgit per tonne lower.
At 1630 GMT, CBOT soyaoil futures were between 0.16 and 0.28 cents per lb higher on technical support and because of small gains in energy markets. EU rapeoil was quoted between two euros per tonne up and two euros down from Monday, pressured by technical weakness in rapeseed futures, but supported by stronger Chicago soyaoil.
Coconut oil was offered between unchanged and $10 a tonne higher on underlying demand, while lack of buyers dragged down palmkernel oil, with offers between unchanged and $10 a tonne lower. A weaker ringgit also weighed.