Kuala Lumpur: Palm oil tumbled below RM2,000 a tonne for the first time in more than five years as forecasts for a record US harvest of soybeans used to produce an alternative oil threaten to curb demand.
Futures dropped as much as 2.5% to RM1,989 on the Bursa Malaysia Derivatives, the lowest level since March 2009, and closed at RM2,000. Prices are down 25% this year, heading for the third annual decline in four years.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!