Palm oil on the European vegetable oils market eased on Thursday after Malaysian palm oil futures inched lower on profit taking and a weaker ringgit. Asking prices for palm oil were between unchanged and $7.50 a tonne lower after Malaysian palm oil futures closed down between eight and 18 ringgit per tonne following recent gains. Lower prices of CBOT soyaoil also weighed.
At 1730 GMT, CBOT soyaoil futures were 0.01 to 0.13 cents per lb lower, pressured by weakness in energy markets and technical selling. Worries that hot, dry weather in Argentina will cut soyabean output, limited losses. EU rapeoil was offered between two and five euros per tonne down, tracking weaker CBOT soyaoil futures and lower rapeseed futures. Weaker energy price, which could dampen demand for vegetable oils from biodiesel producers, also weighed. Lauric oils were mostly offered between $5 and $15 a tonne lower on lack of demand. Sellers lowered prices to attract buyers, which were some $60 under sellers' levels. Weaker palm oil futures also weighed.
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