ROTTERDAM: Palm oil on the European vegetable oils market dipped on Monday, following a steep fall in Malaysian palm oil futures due to an increase in India's import tax on edible oils, lower palm oil exports and a stronger ringgit.
India doubled import tax on crude palm oil to 30 percent and raised that on refined palm oil to 40 percent. Import taxes on other edible oils were also lifted, as the world's biggest importer of edible oils tries to support its farmers.
Asking prices for palm oil were between $12.50 and $20 a tonne lower after Malaysian palm oil futures closed between 50 and 88 ringgit down.
At 1630 GMT, CBOT soyoil futures were between 0.35 and 0.43 cents per lb down, tracking a technical correction in Chicago soybeans and pressured by the dip in palm oil and lower energy markets.
EU rapeoil was mostly offered between flat and nine euros per tonne down from Friday, following the weaker trend in Chicago soyoil futures and due to weaker rapeseed futures, which tracked easier CBOT soybeans and were pressured by lower energy markets, which could cause less demand from biodiesel producers for rapeseed and oil.
Lauric oils were mostly offered between $10 and $20 a tonne down, following weaker palm oil and pressured by a lack of buying interest. The spread between coconut oil and the cheaper palmkernel oil was $130 a tonne for December/January shipment.
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