ROTTERDAM: Palm oil on the European vegetable oil market eased on Monday on a rise in Malaysian stocks and following big price gains in the previous session on bullish USDA data for soybeans, which encouraged players to close their positions.
* "Markets jumped ahead of the USDA, but on Monday prices came down on profit-taking and also because of a rise in palm oil stocks, which weighed on palm oil futures and to a lesser extent other oils. Buyers were picking up some material, not certain if the market will continue to come down or if this dip is temporary," one broker said.
* Palm oil was offered between $15 and $22.50 a tonne down from Friday after Malaysian palm oil futures closed down between 6 and 42 ringgit per tonne on larger MPOB (Malaysian Palm Oil Board) stocks, but well off the lows. Players also awaited export data for Aug. 1-15 due on Wednesday.
* Oct/Dec RBD palm olein traded $10 down from Friday between $965 and $955 a tonne fob Malaysia, and Jan/March changed hands at $957.50, down $20. Sept shipment changed hands at $975 a tonne cif Rotterdam.
* At 1700 GMT CBOT soyoil futures were between 0.41 and 0.57 cents per lb down in a technical correction following recent gains on bullish USDA data.
* EU rapeoil was offered between unchanged to 4 euros per tonne down from Friday following profit-taking in Chicago and a dip in rapeseed futures, which eased with weaker CBOT soybean futures.
* Both Nov/Jan and Feb/April EU rapeoil changed hands at 995 euros per tonne fob exmill, unchanged from Friday, while May/July fetched 994 euros, and Aug/Oct 2013 traded at 974 euros fob.
* Lauric oils were offered around $10 a tonne down, in sympathy with the trend in palm oil. Both Aug/Sept and Sept/Oct palmkernel oil traded at $970 a tonne cif Rotterdam.
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