Palm oil on the European vegetable oils market edged lower on Tuesday ahead of December 1-20 Malaysian palm oil export data due on Wednesday. Asking prices for palm oil were between unchanged and $7.50 a tonne lower after Malaysian palm oil futures closed between two and 18 ringgit per tonne down on concerns about high month end stocks and slow export demand, but bargain buying lifted futures well off the lows.
"Although most signals in the palm oil market are bearish and Wednesday's export figures are expected to be bleak, prices are at such a level that it could not hurt to cover some positions," one broker said. At 1830 GMT, CBOT soyaoil futures were between 0.07 and 0.24 cents per lb higher on lighter than expected rains in parts of Argentine soyabean growing areas and limited rains predicted during the next fortnight. Gains were also technical with Chicago dealers buying soyaoil futures and selling soyameal contracts.
EU rapeoil was offered between three and eight euros per tonne down from Monday, tracking weaker rapeseed futures, which took their cue from technical losses in Chicago soyabean futures. A weaker dollar also weighed on euro-priced products.
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