CRUDE palm oil futures prices at the Bursa Malaysia Derivatives inched higher in lacklustre trading last week and closed on Friday with small gains. Bullish performances in the Chicago Board of Trade (CBOT) soyoil futures prices failed the provide the much needed lift as traders were more concerned with the expected slowdown in exports and preferred to sit back for clearer direction.
Exports numbers are preventing traders from becoming too optimistic about the immediate term price outlook. According to cargo surveyor, Societe Generale de Surveillance (SGS), Malaysian exports of palm oil products for June 1 to 15 declined 27% to 488,066 tonnes from 669,259 tonnes in the same period a month ago.
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