"The market also has been speculating about a downtrend in the prices for a while, the prices were likely to be lower next week to reflect the weak July export estimates for the commodity. Malaysia's palm oil stocks fell 4.85 per cent to 1.70 million tonnes in June 2012 from 1.79 million tonnes the previous month.
Indonesia tax structure on oil palm has made its refined vegetable oils more attractive and cheaper and this affected Malaysian palm oil exports, Indonesia imposes an export tax of 19.5 per cent on CPO while Malaysia charges 30 per cent duty after a tax free limit of 3.6 million metric tonnes.
On a Friday-to-Friday basis, spot month July 2012 fell RM79 to RM3,015 per tonne. August 2012 declined RM51 to RM3,059 per tonne, September 2012 decreased RM65 to RM3,065 per tonne and October 2012 went down RM62 to RM3,071 per tonne.
Weekly turnover fell to 153,737 lots from last week's 149,052 lots while open interest stood at 124,589 contracts On the physical market, July South ended the week RM40 lower at RM3,080 per tonne
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