Malaysian palm oil futures struggle amid slowing demand

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SINGAPORE (June 27): Malaysian palm oil futures traded largely unchanged on Thursday, after declining for the last five sessions to a seven-month low, as slowing demand drags down prices.

FUNDAMENTALS
* The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was up 0.1%, or RM2, at RM1,968 (US$474.56) per tonne in early trade.

* On Tuesday, cargo surveyors Societe Generale de Surveillance and Intertek Testing Services said exports of Malaysian palm oil products for June 1-25 fell 15.3% and 17.8% month-on-month, respectively.                      

* Independent inspection company AmSpec Agri Malaysia said exports fell 14% month-on-month for the same period.           

* The most-active Chicago Board of Trade (CBOT) soyoil contract added 0.5% and China's Dalian soybean oil prices gained 0.6%.

MARKET NEWS
* Asian markets were busy going nowhere on Thursday as confusion shrouded the chances of any progress in the Sino-US trade standoff, while bulls scaled back wagers for a drastic cut in US interest rates.