Palm oil on the European vegetable oils market was lower on Thursday, tracking Malaysian palm oil futures that eased on an expected rise in output and ending stocks in August. A dip in energy markets, which could dent demand for vegetable oils by biodiesel producers, also weighed. Asking prices for palm oil were mostly between unchanged and $12.50 a tonne down from Wednesday after Malaysian palm oil futures closed between 3 euros and 15 euros a tonne down.
CBOT soyaoil futures were between 0.02 cents per lb up and 0.04 cents down at 1630 GMT, with support from technical gains in Chicago soyabean futures mostly offset by sharply lower energy prices. EU rapeoil was quoted between unchanged and 4 euros a tonne down as lower energy markets weighed. A technical downward correction in rapeseed futures also pressured prices. Lauric oils were offered between unchanged and $22.50 a tonne down, following the weaker trend in palm oil and because sellers were lowering asking prices to find buyers.
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