MALAYSIA Derivatives Exchange (Mdex) crude palm oil futures prices attempted a brief rally after the Chinese New Year holidays, but the move was short-lived as long-liquidation pressure emerged as the market failed to react positively to the strong gains in the Chicago Board of Trade soyoil futures prices. Expectation of a lower export number for the first 10 days of February and the generally holiday type of trading environment encouraged many stale-bulls to unwind last week.
The benchmark third-month April 2003 futures declined from an intra-week high of RM1,636 to RM1,590 and finished the week down RM42 from its intra-week’s high and off RM25 from a week ago to finally settle Friday at RM1,594 per tonne.
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