NEW DELHI, Jan 18 (Reuters) - Indian soyoil futures were set to close lower on Thursday, tracking losses in rival Malaysian palm oil.
Indian February soyoil futures were down 0.3 percent at 736.20 rupees ($11.53) per 10 kg on the National Commodity and Derivatives Exchange as of 1300 GMT.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent on concerns that demand could take a hit from a European Union move towards banning the use of palm oil in biofuels.
Indian April rapeseed futures were down 1.3 percent at 4,000 rupees, while the February soybean futures closed 0.1 percent higher at 3,347 rupees. ($1 = 63.8525 Indian rupees) (Reporting by Sudarshan Varadhan; Editing by Subhranshu Sahu)