Palm oil on the European vegetable oils market eased on Tuesday on the back of poor Malaysian exports during the first 15 days of December and due to a dip in rival soyaoil. "The sharp decline in palm oil exports caused a diversion from bullish sentiment on expectations that El Nino will cut output," one broker said.
Palm oil was mostly offered between $10 and $17.50 a tonne down after Malaysian palm oil futures closed between 43 and 70 ringgit down after cargo surveyor data showed a sharp decline in exports. At 1730GMT CBOT soyaoil futures were between 0.33 and 0.51 cents per lb on technical selling. After a sharp fall at the beginning of the session, soyaoil futures recovered somewhat because of sharp gains in energy prices. EU rapeoil was offered between four and six euros per tonne down, tracking weakness in soyaoil and because of a dip in rapeseed futures due to technical selling.
Coconut oil was offered between $5 and $7.50 a tonne down from Monday on the back of a stronger dollar, which weighs on products quoted in that currency. Palmkernel oil was quoted little changed from Monday with output worries balancing weakness in palm oil.
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