ECM Libra Capital Sdn Bhd raised its forecast for crude palm oil average prices for 2011 to RM3,000 a metric ton from RM2,700 a ton due to the “high” average prices in the first quarter.

“Bearish crude palm oil fundamentals should see prices trading with a negative bias as we go into the peak production period but external factors such as uncertain supply prospects for competing oilseeds would keep prices from declining drastically,” Bernard Ching, an analyst at ECM Libra, wrote in a report today. -- Bloomberg