Palm oil on the European vegetable oils market offered mostly firmer, tracking Malaysian palm oil futures on expectations for tighter supplies against improved demand in the monthly Malaysian Palm Oil Board supply/demand report due at the end of the week.
Asking prices for palm oil mostly between unchanged and $7.50 a tonne up after Malaysian palm oil futures closed between 16 ringgit per tonne up and 25 ringgit down. Front positions were supported by expectations of a bullish MPOB January data, while deferred contracts found pressure from forecasts for falling prices because of improved output.
At 1730GMT CBOT soyaoil futures were between 0.18 and 0.36 cents per lb down on technical selling and profit taking following Monday's rally. Prospects for a bumper South American soyabean harvest and a sharp fall in energy markets both weighed on soyaoil futures.
EU rapeoil mostly offered between one and two euros per tonne up from Monday, tracking gains in rapeseed futures and supported by a slightly firmer dollar, which underpins euro-priced products. Lauric oils mostly quoted between unchanged and $10 a tonne down. The stronger dollar weighed on products quoted in that currency and due to overall lack of demand.
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