Palm oil on the European vegetable oils market was offered mostly firmer on Tuesday, tracking Malaysian palm oil futures on expectations for stronger demand. Asking prices for palm oil were between $2.50 a tonne down and $10 up after Malaysian palm oil futures closed between five and 67 ringgit per tonne higher ahead of Malaysian palm oil exports figures for the first 15 days of March, due on Wednesday.
"Palm oil futures were bound for an upward correction on bargain buying following recent losses," one broker said. At 1730 GMT CBOT soyaoil futures were between 0.11 cents per lb up and 0.25 cents down, supported by technical buying with Chicago dealers selling soyameal contracts and buying soyaoil futures. Continuing pressure from a bumper South American soyabean harvest and easier energy markets weighed.
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