28/01/2008 (Commodity Online) - On Monday, global edible oil complex were pressurized by weak export data from Malaysia. Weakness in crude oil prices also dampened the market sentiments, as the oil prices play a part in directing the edible oil prices as it is also used as a raw material for biofuels.

Malaysian palm oil exports fell 27.1 per cent on month in the January 1-25 period to 816,471 tonnes, cargo surveyor SGS (Malaysia) Bhd. said in an estimate on Friday. Exports during December 1-25 period were estimated at 1.12 million tonnes.

Intertek Testing Services said on Friday that palm oil exports for Jan 1 to 25 declined 29.8% to 784,439 from 1.117 million tonnes in the corresponding period in December.

At 16:38, Malaysia standard time, the most active April CPO contract on the Bursa Malaysia Derivatives Exchange traded RM 63 lower at RM 3192 per tonne.

On the Dalian commodity exchange, the most active May soybean oil settled CNY 34 lower at CNY 10648 per tonne and May palm oil finished CNY 24 lower at CNY 9562 per tonne.

NCDEX refined soy oil February contract opened at Rs 589.70, moved in the range of Rs 590.40 and Rs 586.50 and was last quoted at Rs 587.75 per 10 kg, down by Rs 1.40 or 0.24% at 14:13 IST.

MCX February refined soy oil futures were down by Rs 1.05 or 0.18% to Rs 588 per 10 kg.

In the spot markets, at Indore soy oil prices were almost steady at Rs 582.50; at Mumbai it dropped Rs 5 to Rs 590 and in Nagpur it were down by Rs 2 to Rs 583 per 10 kg.