European vegoils: palm oil down on weak demand

Palm oil on the European vegetable oils market continued to ease on Thursday on the back of weak demand and due to profit taking in Malaysian palm oil futures. "Belief that Malaysian palm oil stocks for March could be higher than anticipated on Monday puts the market under pressure. Weak energy prices also weighed on most products used in biofuels," one broker said.
Palm oil was mostly offered between unchanged and $10 a tonne down from Wednesday after Malaysian palm oil futures closed between two and 13 ringgit per tonne lower reversing earlier gains as weaker demand weighed on prices and traders took profits ahead of official data due next week. At 1630 GMT CBOT soyoil futures were between 0.13 and 0.20 cents per lb down because of a dip in energy markets and due to slightly weaker Chicago soybeans.