European Vegoils-Palm Oil Down on Slowing Exports

(ROTTERDAM) | Palm oil on the European vegetable oils market eased further on Tuesday on the back of slowing exports, pressuring Malaysian palm oil futures.

Palm oil was mostly offered between $2.50 and $10 a tonne down from Monday after Malaysian palm oil futures closed between 20 ringgit per tonne down and three ringgit higher on slowing demand from top importers and weaker energy markets.

At 1730 GMT CBOT soy oil futures were between 0.12 and 0.26 cents per lb down, tracking mineral oil and technical selling. EU rape oil was offered between flat and four euros per tonne up from Monday on the back of concerns over tight nearby supplies. Easier rapeseed futures and weakness in Chicago soyoil limited gains.

Lauric oils were mostly offered between unchanged and $5 a tonne down, mainly tracking easier Malaysian palm oil futures. The premium for coconut oil over palm kernel oil was around $225 a tonne.

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