European vegoils- Palm oil tad lower with futures, weaker energy
GDYNIA, October 30 (Refinitiv) - Palm oil on the European vegetable oils market eased on Monday as a stronger ringgit weighed on Malaysian palm oil futures on worries about the dwindling export demand.
Asking prices for palm oil were between unchanged and $10 a tonne lower from Friday. Weaker energy priecs also wegied.
At 1700 GMT CBOT soyoil futures were between 0.08 and 0.37 cents per pound up, while lower energy prices could cut demand for vegetable oils from the biodiesel industry. Weaker Chicago soybeans in the second part of the day capped gains.
Nearby devileries of EU rapeoil remained strong and quoted up to 55 euros a tonne up. A weaker tone in rapeseed futures kept the deferred positions between five euros and 20 euros a tonne down from Friday. A weaker dollar and energy markets also weighed.
Lauric oils were offered between unchanged and $25 a tonne down, tracking lower palm oil futures, while a weaker dollar limited losses.