European vegoils: palm oil down

Palm oil prices on the European vegetable oils market eased on Thursday on concerns that the slowdown in the Chinese economy could cut demand. "Most players focused on the Chinese economy and the fall in its stock markets as China is a top buyer of both palm oil and soyaoil. The dip in prices coupled to a weaker dollar caused some bargain hunting this afternoon," one broker said.
Palm oil was mostly offered between $5 and $12.50 a tonne down from Wednesday after Malaysian palm oil futures closed between 15 and 36 ringgit a tonne down due to weak export demand and a narrowing spread between the tropical oil and soyaoil. At 1730 GMT CBOT soyaoil futures were between 0.26 and 0.03 cents per pound lower on improving crop weather in Brazil, concerns about the Chinese economy and slightly weaker energy markets with Brent crude oil dipping just under $34 a barrel. Liquid oils-rapeoil, soyaoil and sunoil- were mostly offered between five and 13 euros per tonne down, following the trend in CBOT soyaoil futures and tracking European rapeseed futures.