European vegoils: palm oil down

Palm oil on the European vegetable oils market was offered lower on Wednesday due to worries that a slowdown of the Chinese economy would reduce demand. "The Chinese economy is an important factor as it is a top buyer of both palm and soya products," one broker said. Palm oil was mostly offered between $2.50 and $15 a tonne down from Tuesday after Malaysian palm oil futures closed between seven ringgit a tonne down and nine ringgit up because of weak demand from major importer China.
Chinese stock markets tumbled on Monday, driven by weak factory activity surveys and a depreciating yuan. At 1730 GMT, CBOT soyaoil futures were between 0.27 and 0.38 cents per lb lower on improving crop weather in Brazil and because of worries over the Chinese economy. Weaker energy prices, with Brent dropping well under $35 a barrel, also weighed on soyaoil futures. Liquid oils - rapeoil, soyaoil and sunoil - were mostly offered between three and eight euros per tonne down, tracking weaker CBOT soyaoil futures and lower European rapeseed futures. Easier energy prices also weighed.