Palm oil down on European vegoils market

Palm oil on the European vegetable oils market continued to ease with Malaysian palm oil futures and weaker soyaoil.
Asking prices for palm oil were between $2.50 and $20 a tonne down from Thursday after Malaysian palm oil futures closed between seven and 42 ringgit per tonne lower. Its spread with rival soyaoil narrowed and related oils on China's Dalian Commodity Exchange were weaker.
"With most products turning lower it was hard to find buyers," one broker said.
At 1730 GMT CBOT soyaoil futures were between 0.07 and 0.21 cents per lb down on profit taking and farmer selling. Strong energy markets limited losses.
Firmer energy prices supported EU rapeoil with asking prices between two and five euros per tonne up as it could boost demand from biodiesel producers. Higher rapeseed futures also underpinned rapeoil.