20/12/2013 (Business Recorder) - Palm oil was offered lower on the European vegetable oils market on Wednesday because of spill-over weakness for CBOT soyaoil and a lower ringgit, which makes palm oil cheaper for dealers holding foreign currencies. "The bearish momentum continues and the European cash market eased as well. Buyers were still reluctant to do business, waiting for the market to reach a bottom," one broker said.

Palm oil was offered between $7.50 and $17.50 a tonne down from Tuesday after Malaysian palm oil futures closed between 17 and 31 ringgit per tonne down following weaker competing soya markets in China and the United States. January delivery RBD palm olein changed hands at $797.50 and April/June traded $7.50 down at $807.50 and $805.

At 1730 GMT CBOT soyaoil futures were between 0.05 and 0.17 cents per lb down in sympathy with soyameal, which saw technical selling following recent gains on technical buying. Liquid oils - rapeoil, soyaoil and sunoil - were offered between four and five euros per tonne down from Tuesday, in sympathy with the trend in CBOT soyaoil and because of easier rapeseed futures. February-April EU rapeoil changed hands at from 723 to 720 and back up to 722 euros per tonne fob exmill, May/July fetched 723 euros and August-October traded five euros down from Tuesday at 720 euros fob.