11/06/2012 (Bernama) - Crude palm oil (CPO) futures are likely to remain bearish next week in the absence of positive factors.

Interband Group of Companies Senior Trader Jim Teh said the market might continue downtrend, bogged down by external factors such as gloomy global economic outlook and easing crude oil price.

"We can see the downtrend in other commodities such as rubber and even gold," he said, adding that CPO prices were expected to fluctuate between RM2,700 and RM2,800 per tonne.

Teh said this situation, however, would work for the physical market.

"When the price went down, more physical buyers would come in and this is good for stock position," he said.

Meanwhile, players will be waiting for export data report by cargo surveyors as well as official stocks data by industry regulator the Malaysian Palm Oil Board, all due on Monday.

On a weekly basis, June 2012 declined RM48 to RM2,925 per tonne, July 2012 fell RM30 to RM2,973 per tonne, August 2012 lost RM33 to RM2,973 per tonne and Sept 2012 dropped RM30 to RM3,970 per tonne.

The weekly turnover fell to 129,233 lots from 132,040 lots last week, while open interest was higher at 98,671 contracts against 98,345 contracts previously.

On the physical market, June South ended the week at RM2,990 per tonne, the lowest level registered thus far this year.