THE Malaysia Derivatives Exchange (MDEX) crude palm oil futures prices extended its three-week old downward trend amid fresh selling and long-hedge liquidation and fell to its lowest levels since October 2002. Fear that the war in Iraq and shipping disruption could hamper deliveries to consumers. Bearish sentiment for the week was linked to talks that Pakistan would likely import less palm oil and more soyoil now that the lifting of economic sanction by the US would provide an annual US$250mil aid.
The benchmark third-month June 2003 futures fell from an intra-week high of RM1,498 to RM1,436 and concluded the week at RM1,455, down RM49 per tonne from a week ago.
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