Palm oil prices on the European vegetable oils market were mostly lower on Wednesday, giving up some of the previous day's gains, although the market was underpinned by falling production in Indonesia. Crude palm oil offers were unchanged to $5.00 a tonne lower following a weaker close for Malaysian futures.
The market, however, remained generally above levels offered at the end of last week. Crude palm oil output in the world's top grower Indonesia fell around 11 percent to 2.385 million tonnes in October, a Reuters survey of leading industry officials showed. Production was hampered by dry weather across plantations.
Soyaoil and sunoil prices were offered at higher levels, reflecting gains in CBOT soyaoil on Tuesday and early trading on Wednesday, although the run-up in futures subsequently stalled. At 1750 GMT CBOT soyaoil futures were between 0.32 and 0.42 cents per lb lower on key positions, tracking a setback in soyabean futures. Lauric oils were offered between $10 and $15 a tonne up from Tuesday, boosted partly by the recent pick-up in demand.
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