Palm oil on the European vegetable oils market was little changed on Tuesday as Malaysian palm oil futures closed in a tight range, well off the day's highs on technical selling. Asking prices for palm oil were between unchanged and $2.50 a tonne down after Malaysian palm oil futures closed between four ringgit down and five ringgit up after hopes for improved exports and stronger overnight CBOT soyaoil underpinned prices early in the session.
At 1730 GMT, CBOT soyaoil futures were between 0.25 and 0.29 cents per lb down as Chicago traders were selling soyaoil contracts and buying soyameal futures on the back of worries whether dry weather in top soyameal exporter Argentine could hurt soyabean crops. Lower energy markets also weighed on soyaoil. EU rapeoil was offered between flat and one euro per tonne lower, tracking the weaker tone in Chicago soyaoil and also because of lower energy prices, which could dampen demand for vegetable oil from biodiesel producers.
Firmer rapeseed futures, tracking CBOT soyabeans on worries over Argentine soyabean crop conditions, limited losses. Lauric oils were offered between $20 and $40 a tonne down from Monday due to lack of demand and sellers trying to attract buyers.
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