Palm oil on the European vegetable oils market eased on Thursday, in line with a technical correction in Malaysian palm oil futures following Wednesday's rally on expectations for improved demand. Asking prices for palm oil were between unchanged and $12.50 a tonne lower after Malaysian palm oil futures closed between 13 and 21 ringgit per tonne down on profit taking.
"Wednesday's optimism over improving demand seemed a tad overdone. Maybe we know more about what can be expected by January 10, when fresh export data will be available," one broker said. At 1830 GMT, CBOT soyaoil futures were between 0.01 and 0.16 cents per lb lower as weather forecasts for the Argentine soyabean belt predict rain during the next two weeks.
EU rapeoil was quoted between two and three euros per tonne down from Wednesday, following the easier trend in CBOT soyaoil futures. Technical strength in rapeseed futures limited losses a little. Lauric oils were mostly offered between unchanged and $15 a tonne higher on improving demand and a stronger ringgit.
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