ROTTERDAM: Palm oil on the European vegetable oils market was offered lower on Monday, tracking easier rival soyoil and due to the outlook for increasing Malaysian palm oil stocks in September.
Asking prices for palm oil were between unchanged and $12.50 a tonne lower after Malaysian palm oil futures closed between 23 and 32 ringgit per tonne down on weaker CBOT soyoil and expectations of rising stockpiles.
"Palm oil exports in September were about 10 percent up and expectations are that production will top demand in the same month, so ending stocks should grow," one broker said.
CBOT soyoil futures were between 0.28 and 0.38 cents per lb down because of US harvest pressure and due to profit taking from Friday's rally on bullishly interpreted USDA quarterly stocks data. Weaker energy markets also weighed.
EU rapeoil was offered between unchanged and three euros per tonne lower, tracking losses in CBOT soyoil futures and weaker rapeseed futures. Lower Chicago soybeans, also weighed. Trade was slow ahead of a public holiday on Tuesday in Germany.
Lauric oils were mostly offered between $15 a tonne up and $10 a tonne down, pressured by the easier tone in palm oil.
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