Palm oil eases on European vegoils market

Palm oil on the European vegetable oils market eased slightly on Friday, tracking Malaysian palm oil futures, which were hit by profit taking and concerns over weak Malaysian palm exports. "Malaysian palm oil exports were well down during the first 25 days of August, with a drop of about eight percent, but they improved after the 15 percent drop during the August 1-20 period," one broker said.
Asking prices for palm oil were between unchanged and $5 a tonne lower after Malaysian palm oil futures closed between 17 and 31 ringgit down. At 1600 GMT CBOT soyaoil futures were down by between 0.06 and 0.14 cents per pound on technical buying following recent gains. EU rapeoil was quoted between unchanged and five euros per tonne lower on the back of a weaker dollar, which weighs on euro-priced products, and because of technical weakness in rapeseed futures.