15/05/2012 (Business Recorder) - Asking prices on the European vegetable oil market dropped sharply again on Monday as futures markets dropped on fears of poor economic growth triggering heavy long liquidation.

* "It started as profit taking and long liquidation but turned into stop loss selling on the back of worries over politics in the euro zone, slower Chinese growth and the unexpected huge speculative losses at JPMorgan. Buyers were mostly holding back, waiting for the markets to bottom out," one broker said.

* At 1630 GMT CBOT soyoil futures were between 1.12 and 1.22 cents per lb down on follow through technical selling and weak mineral oil prices. On Friday soyoil futures dropped well over a cent as well.

* Liquid oils - soyoil, rapeoil and sunoil - dropped between 17 and 30 euros per tonne from Friday following the trend in CBOT soyoil, weak mineral oil and a sharp fall in rapeseed futures.

* May/July EU rapeoil changed hands at 945 euros per tonne fob exmill, Aug/Oct traded 22 euros per tonne down from Friday at 950 and 948 and Nov/Jan fetched 955 and 953 euros, also down 22 euros.

* Palm oil was offered between $45 and $50 a tonne down from Friday after Malaysian palm oil futures closed between 69 and 130 ringgit per tonne down on a continued sell off, mostly triggered by the political turmoil in Greece and poor exports during the first 10 days of May.

* July/Sept RBD palm olein traded $52.50 a tonne down from Friday at between $1,075 and $1,035 a tonne fob Malaysia and Oct/Dec changed hands between $1,040 and $1,032.50, down $42.50.

* Crude palm oil was switched from May/June into Oct/Dec plus $7.50.

* Lauric oils was quoted $55 to $65 a tonne down from Friday in line with rivals palm and soyoil and due to a stronger dollar, which weighed on dollar-priced products after coconut oil changed hands at $1,100 a tonne cif Rotterdam for Aug/Sept. No business was reported in palmkernel oil.