ROTTERDAM: Asking prices on the European vegetable oils market eased on Friday on a weaker tone in Chicago soycomplex futures due to talk of possible rain in Argentina over the weekend and to weak mineral oil prices, market sources said.
"The markets tended slightly lower on expectations of some rainfall in Argentina in the coming weekend, while business calmed down ahead of a slow period next week due to the absence of many Asian players due to Chinese New Year," one broker said.
The Malaysian palm oil futures will be closed for the New Year on Monday and Tuesday.
Palm oil was offered between unchanged and $7.50 a tonne down from Thursday following the trend in Chicago, after Malaysian palm oil futures closed between 7 ringgit per tonne down and 8 ringgit up following Thursday's stronger Chicago soyoil close.
April/June RBD palm olein traded $2.50 down from Thursday at $1,060 and $1,055 a tonne fob Malaysia.
At 1730 GMT CBOT soyoil futures were 0.85 to 0.92 cents per lb down on technical selling on chances for rain in South America.
Liquid oils - soyoil, rapeoil and sunoil - were offered between 2 and 5 euros per tonne down in sympathy with CBOT soyoil and weak mineral oil and weaker rapeseed futures. EU rapeoil changed hands at 955 euros per tonne fob exmill, down 1 euro from Thursday.
Business in lauric oils was slow ahead of the Chinese New Year with sellers offering material between $10 and $50 per tonne up, but asking prices were hardly tested and no deals were reported.
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