Palm oil on the European vegetable oils market continued to ease on Tuesday, tracking losses in Malaysian palm oil on slack demand and slow exports and due to weaker CBOT soyaoil futures. Asking prices for palm oil were between unchanged and $10 a tonne lower after Malaysian palm oil futures closed between eight and 21 ringgit per tonne down.
At 1630 GMT, CBOT soyaoil futures were between 0.03 and 0.10 cents per lb lower, on worries over trade relations between the US and top global soya buyer China. Weaker energy markets also weighed. Lower energy prices could lead to declining demand for vegetable oils from biodiesel producers. CBOT markets will be closed on Wednesday for the Independence Day holiday.
EU rapeoil was quoted between unchanged and five euros per tonne lower, tracking easier Chicago soyaoil and because of a slightly easier dollar, which weighs on euro-priced products. Lauric oils were offered between $10 and $40 a tonne lower as sellers lowered asking prices to attract buyers. Weaker palm oil prices also weighed.