Palm oil on the European vegetable oils market edged lower on Thursday following the weaker trend in Malaysian palm oil futures on the back of weaker overnight CBOT soyaoil futures and due to profit taking following recent gains.
Asking prices for palm oil were between unchanged and $5 a tonne lower after Malaysian palm oil futures closed between six and 21 ringgit per tonne down. At 1630 GMT, CBOT soyaoil futures were between flat and 0.05 cents per lb higher, supported by small gains in energy markets, while technical selling in Chicago soyabeans on positioning ahead of Friday's fresh USDA crop and supply/demand reports limited gains.
Nearby EU rapeoil remained strong on the back of tight supplies and technical buying. A weaker tone in rapeseed futures, because of technical selling, kept more distant positions close to unchanged. Asking prices were between two euros per tonne up and one euro down from Wednesday.
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