ROTTERDAM: Palm oil on the European vegetable oils market eased on Tuesday following a bearish September Malaysian palm oil stocks number and due to technical weakness in soyoil futures.
The Malaysian Palm Oil Board (MPOB) data issued on Tuesday showed a higher than expected four percent increase in palm oil stocks at 2.02 million tonnes by end September.
Asking prices for palm oil were mostly between $5 and $15 a tonne down from Monday after Malaysian palm oil futures closed between 20 and 44 ringgit per tonne down.
"Prices dipped but markets were not wild ahead of fresh USDA monthly reports due on Thursday," one broker said.
CBOT soyoil futures were between 0.13 and 0.20 cents per lb down on technical selling and positioning ahead of Thursday's USDA crop and supply/demand reports.
EU rapeoil was offered between one and four euro per tonne lower, tracking weaker Chicago soymeal futures and because easier rapeseed futures on technicals and improved farmer selling also weighed.
Coconut oil was thinly offered on Tuesday after sellers vanished after some offers were booked early in the day. Asking prices were around $30 up. Palmkernel oil was offered little changed as strength from coconut oil was offset by weakness in palm oil and lack of demand.
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