Malaysian crude palm oil futures ended lower on Thursday, weighed down by weakness in rival US soyoil, but trading was thin as players awaited Friday's release of export estimates for November 1-25.
"Whatever the export numbers tell us tomorrow is not going to be a very different story from what we've heard so far," a trader in Kuala Lumpur said.
"But it's the only lead in a market bent on following every move and gyration in CBOT soyoil."
The third-month crude palm oil contract on Bursa Malaysia Derivatives, February, ended down 2 ringgit at 1,412 ringgit ($373.64) a tonne, off the day's low of 1,404. Other traded contracts were down 2 to 3 ringgit.
Overall volume stood at 1,947 lots of 25 tonnes each, down from Wednesday's 3,638 lots. The market can easily surpass 6,000 lots on a busy day.
Prices have taken a hit in recent weeks after poor export numbers of palm oil following long holidays in early November for the Hindu Diwali and Muslim Eid al-Fitr festivals.
Societe Generale de Surveillance (SGS), a cargo tracker closely watched by the industry, said on Monday Malaysian exports of oil palm products for November 1-20 were estimated to have fallen 14 percent from October 1-20. SGS will release estimates for November 1-25 on Friday.
Volatile swings in US soyoil have also weighed on palm oil prices. Soyoil and palm oil compete for exports and their prices often move in step.
Soyoil futures on the CBOT or Chicago Board of Trade closed down on Wednesday, with the key December contract losing 0.35 cent to 21.63 cents per lb.
In physical dealings of crude palm oil, the November contract saw buyers/sellers at 1,410/1,415 ringgit a tonne in both the southern and central regions of Malaysia.
Trades were reported at 1,410-1,412.50 ringgit.