The Malaysia Derivatives Exchange (MDEX) crude palm oil (CPO) futures prices attempted an early rally last week, but the move failed as weakness in the Chicago Board of Trade soyoil futures prices and expectation of lower Malaysian palm oil exports this month dampened sentiment and triggered a strong sell-off that pressured the market to its lowest level in three weeks.
Trade estimate for November palm oil exports at around one million tonnes compared with 1,140,436 tonnes in October and 1,215,054 tonnes in September, gave rise to fears that exports may have peaked for 2003.
