Palm oil prices likely to fall this week

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are likely to fall this week with the market expected to be bearish in anticipation of unfavourable June data to be released by the Malaysia Palm Oil Board (MPOB), said a dealer.


“The market does not expect the MPOB's June data to be good,” she said.

The MPOB is expected to release its data on stock, production and exports of palm oil for June.

On a weekly basis, July 2011 ended RM10 higher at RM3,080 per tonne, August 2011 increased RM33 to RM3,085 per tonne, September 2011 gained RM41 to RM3,077 per tonne while October 2011 rose RM44 to RM3,078 per tonne.

Turnover for the week was higher at 119,325 lots compared to 119,224 lots the previous week, while the open position rose to 132,406 contracts from 117,814 contracts.

On the physical market, June South ended the week at RM3,090 per tonne. (BERNAMA)