Business Recorder (19/12/2017) -  ROTTERDAM: Palm oil on the European vegetable oils market eased slightly on Monday, tracking easier Malaysian palm oil futures on the back of profit-taking following a sharp rise on Friday.

Asking prices for palm oil were between unchanged and $7.50 a tonne down after Malaysian palm oil futures closed between 12 and 32 ringgit per tonne lower.

“The palm oil market still feels bearish because of slow export demand and huge stocks. Talk about the seasonal slowdown in production found support on Friday, but seemed to be short lived,” one broker said.

At 1730 GMT, CBOT soyoil futures were between 0.07 and 0.12 cents per lb down on technical selling as Chicago dealers bought soymeal futures and sold soyoil contracts.

EU rapeoil was quoted between unchanged and four euros per tonne lower on a correction from Friday’s rally and because of weaker rapeseed futures, which were down on the outlook for ample world oilseed supplies.

Lauric oils were mostly offered between $10 and $20 a tonne up from Friday, supported by a weaker dollar, which underpins products quoted in that currency. Dealers said sellers seemed less aggressive in finding buyers than before the weekend.