Palm oil on the European vegetable oils market remained offered in a tight range on Monday due to a lack of fresh market moving news. Asking prices for palm oil were between $2.50 a tonne up and $2.50 down after Malaysian palm oil futures closed between six and 15 ringgit per tonne higher, supported by a weaker ringgit, making palm oil cheaper for foreign buyers.
At 1630 GMT, CBOT soyaoil futures were between 0.01 and 0.17 cents per lb lower on technical selling with Chicago traders buying soyameal futures and selling soyaoil contracts. EU rapeoil was offered between one euro per tonne up and three euros down from Friday, with technical selling weighing on prices. Slightly firmer rapeseed futures, on the back of an outlook for a smaller European rapeseed crop, and stronger energy markets limited losses.
Lauric oils were offered between $35 a tonne lower and $22.50 higher. Firmer palm oil futures were supportive, while a weaker ringgit and a lack of buying interest at current levels weighed on prices.
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