LONDON: Palm oil prices on the European vegetable oils market turned lower on Thursday, weighed down by a late setback in Malaysian futures due to a higher-than-expected export tax.
Brokers said the European market had been mostly higher early when the Malaysian market initially bounced from Wednesday's six-month low but fell back when Asia's recovery was not sustained.
Crude palm oil for May shipment was finally quoted at $665 per tonne, down $10 from Wednesday.
Malaysian palm oil futures ended lower on Thursday, weighed down partly by an announcement that Malaysia's crude palm oil export tax would be higher than expected.
Malaysia, the world's second-largest palm oil producer after Indonesia, will lower its crude palm export tax to 7 percent in May from 7.5 percent in April, the Malaysian Palm Oil Board said. Many industry players had expected a cut to 6.5 percent.
EU rapeseed oil prices were unchanged to 3 euros a tonne higher, underpinned partly by the weakness of the euro.
CBOT's most active soybean oil contract was unchanged at 31.24 cents per lb at 1717 GMT.
Coconut oil prices were unchanged, while palmkernel oil fell by $10 to $40 a tonne with April/May shipment changing hands at $1,000 a tonne.
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