Palm oil down on European vegoils market

Palm oil on the European vegetable oils market eased on Thursday following a slightly weaker ringgit and tracking Malaysian palm oil futures, which slipped on lower soyoil prices. Asking prices for palm oil were between $2.50 and $15 a tonne down from Thursday after Malaysian palm oil futures closed between two and 23 ringgit per tonne lower, hit by lower US soyoil and due to profit taking following recent gains.
"The palm market was recently driven by optimism over exports and it seems futures traders rather booked profit than banking on tomorrow's export data being positive," one broker said. At 1730GMT CBOT soyoil futures were between 0.04 cents per lb up and 0.11 cents down on technical and farmer selling.