Palm oil on the European vegetable oils market continued to ease on Tuesday following weakness in Malaysian palm oil futures on the back of lower Malaysian export data for the first half of November. Palm oil was mostly offered between flat and $7.50 a tonne down from Monday after Malaysian palm oil futures closed between 27 and 47 135 ringgit per tonne lower exports for November 1-15 prompted futures traders to sell.
"It was a slow day with sentiment still bearish following Monday's steep fall in prices, which kept many buyers waiting for the market to bottom out," one broker said. At 1730 GMT CBOT soyoil futures were between 0.04 and 0.08 cents per lb up, supported by strong energy markets, while a large NOPA crush number for October limited gains.
EU rapeoil was quoted between one and eight euros per tonne higher on the back of a strong dollar, which underpins products quoted in euros. Strong rapeseed futures, tracking energy markets and firmer Chicago soybeans, also weighed.
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