Palm oil on the European vegetable oils market eased on Monday following a dip in Malaysian palm oil futures on the back of slowing growth in export demand. Malaysian palm oil exports for the first 15 days of April rose by about six percent compared to the same period the month before. This was well down from some 25 percent growth during the first 10 days of April.
Asking prices for palm oil were between $2.50 and $10 per tonne lower after Malaysian palm oil futures closed between 15 and 32 ringgit per tonne down. At 1630 GMT, CBOT soyaoil futures were between 0.02 and 0.16 cents per lb lower, tracking technical selling in Chicago soyabean futures and on optimism about soyabean yields in Brazil. NOPA soyaoil stocks rose, but were not as high as analysts expected and this limited losses.
EU rapeoil was quoted between three and five euros per tonne down from Friday, following the weaker trend in CBOT soyaoil futures and pressured by lower European rapeseed futures. A weaker dollar also weighed on euro-priced products. Lauric oils were offered between $15 and $30 a tonne lower, tracking weaker palm oil and because sellers were trying to attract buying interest, which was under $1,100 a tonne for coconut oil and well under $1,000 a tonne cif Rotterdam.
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