Palm oil prices fell back in late trading on Wednesday in Europe's vegetable oil market, weakened by a decline in CBOT soybean oil futures. The market had shown some early strength after Malaysian palm oil futures had risen for a second straight day. Crude palm oil for April shipment was offered late at $705 per tonne, down $7.50, after earlier trades at both $715 and $707.50, cif Rotterdam.
CBOT's most active soybean oil contract was down 0.5 percent at 32.32 cents per lb at 1625 GMT. EU rapeoil was offered between 3.00 euros a tonne lower and 1.00 euro higher with May/July changing hands at 760 euros. The market was underpinned by the weakness of the euro which fell to a more than one-week low against the dollar. Brokers noted a rare offer of Philippine only coconut oil with April/May at $1,625 a tonne. The strength of the domestic market in the Philippines has curtailed interest in the export market recently.
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