Palm oil on the European vegetable oils market edged up in a rebound from Monday's sharp fall after India raised import tax on edible oils. Asking prices for palm oil were between unchanged and $10 higher after Malaysian palm oil futures closed between eight ringgit per tonne down and 16 ringgit up on a rally late in the session on bargain buying. "The bears still own the dance floor despite the late rebound in palm oil futures," one broker said.
At 1630 GMT, CBOT soyaoil futures were between 0.08 and 0.14 cents per lb higher, also on bargain buying and because of slow farmer selling.
Front positions in EU rapeoil were quoted between two to 10 euros per tonne lower as shorts slowly disappear. More distant contracts were mostly between flat and two euros per tonne up, tracking mild gains in CBOT soyaoil futures. Firmer rapeseed futures also underpinned prices. Lauric oils were mostly offered between flat and $10 per tonne down on lack of demand and sellers trying to find some buying interest.
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