Currently the price was above industry's expectation (RM3,000 per tonne), he said.Meanwhile, he said, CPO production was expected to fall in the first six months of the year on concerns the fresh fruit bunches production would fall by about 25%.
At the same time, he said, the unrest in West Asia has caused crude oil price to spiral upwards which in turn helped to propel commodities prices. The market week started the week on a bearish note with prices down by over RM100 in the middle the week before recouping their losses at the close.
The week also saw the market registering its biggest all-time daily volume of 48,704 on Thursday. Cargo surveyor Societe Generale de Surveillance said exports of Malaysian palm oil products for Feb 1-25 fell by 6% to 957,224 tonnes from 1,017,913 tonnes during the same period last month.
On a weekly basis, March 2011 declined RM190 to close at RM3,565, April 2011 fell RM192 to RM3,542, May 2011 eased by RM168 to RM3,515 and June 2011 declined by RM135 to RM3,495. Total turnover increased to 164,998 lots from the 113,112 lots the previous week while open interests fell to 107,659 contracts from 108,046 contracts previously. On the physical market, March South traded at RM3,630 per tonne on Friday. Bernama
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