Crude palm oil little changed on European vegoils market

Crude palm oil on the European vegetable oils market was little changed on Wednesday as gains in Malaysian palm oil on the back of hopes of increased exports were offset by a weaker ringgit and losses in CBOT soyaoil futures.
Asking prices for crude palm oil were between unchanged and $2.50 a tonne lower, while refined products were quoted between $2.50 and $7.50 a tonne higher. Malaysian palm oil futures closed between 21 and 31 ringgit per tonne up on the back of expectations for improved exports due to a higher demand ahead of Ramadan and tax changes.
In January, Malaysia introduced a zero export tax on palm oil, but that measure ends on April 7, which could prompt buyers to buy palm oil before that date. At 1730 GMT, CBOT soyaoil futures were between 0.23 and 0.37 cents per lb lower, pressured by technical selling and profit taking following recent gains. EU rapeoil was quoted between flat and four euros per tonne down from Tuesday, following technical weakness in both CBOT soyaoil and European rapeseed futures. Coconut oil was offered as much as $60 a tonne higher, on the back of improved underlying demand and because of strength in palm oil futures.