ROTTERDAM: Palm oil prices on the European vegetable oil market eased on Tuesday in a correction to Monday's gains and on lower mineral oil levels and despite good export data, market sources said.
"Palm prices rose on Monday following CBOT soyoil futures, while Malaysia was closed for May Day bank holiday. Palm oil futures barely changed on Tuesday which caused a downward correction in Europe," one broker said.
Palm oil was offered as much as $20 a tonne down from Monday after Malaysian palm oil futures closed off the highs, barely changed compared to Friday despite palm oil exports for April rising some 18 percent from the month before.
July/Sept RBD palm olein changed hands at $1,160 and $1,150 a tonne fob Malaysia, Oct/Dec fetched $1,145 and $1,140 and Jan/March traded at $1,145 fob. Crude palm oil changed hands at $1,142.50 a tonne cif Rotterdam for Oct/Dec.
At 1630 GMT CBOT soyoil futures were between 0.30 and 0.53 cents per lb down following weakness in mineral oil.
Asking prices EU rapeoil were flat to 10 euros per tonne down from Monday following weaker mineral oil, lower rapeseed futures and a weak dollar, which weighed on euro-priced products. Aug/Oct EU rapeoil changed hands at 93- a tonne fob exmill.
Coconut oil was offered between $5 and $20 a tonne up from Monday on fears for tight nearby supplies, while palmkernel oil dropped $10 following the trend in palm oil. Asking prices were hardly tested and no deals were reported.
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