The Malaysia Derivatives Exchange (MDEX) crude palm oil (CPO) futures prices declined strongly on technical selling last week and finally closed Friday with minor losses. Stale-bull liquidation along with fresh speculative and hedge-selling emerged when the April contract slipped below its important chart supports.
Malaysia's palm oil exports for Jan 1–15 at 465,294 tonnes, slightly lower than the 468,600 tonnes for Dec 1–15, dampened market sentiment and triggered expectations that exports may taper off in the first-quarter this year. Market talk that India and Pakistan might soon reduce their palm oil import duty had limited impact on trading last week.
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