Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives are expected to move sideways next week, dealers said.
A dealer said the market was expected to lose strength due to expectations of rising stocks and a slowdown in demand.
“The market is expected to undergo some bearish movements on prices because of the high stockpiles during the month,” he said.
He said the movements of soyaoil price would also be another factor.
The CPO price usually moves in tandem with soyaoil’s.
On a weekly basis, July 2011 fell by RM61 to RM3,070 per tonne,
August 2011 dropped RM64 to RM3,052, September 2011 eased RM81 to
RM3,036 and October 2011 lost RM75 to RM3,034.
Turnover decreased to 119,224 lots from 122,048 lots last week
and open interest rose to 117,814 contracts from 117,009 contracts
On the physical market, June South ended the week at RM3,080 per tonne. — Bernama