Malaysian palm price falls to near 2-month low on declining export demand

Palm oil may break a support at 2,546 ringgit per tonne and fall more into a range of 2,505-2,530 ringgit, according to technical analysis by Wang Tao, a Reuters market analyst for commodities and energy technicals.

KUALA LUMPUR: Malaysian palm oil futures fell to a near two-month low on Tuesday, as poor demand for palm oil shipments weighed down the market.

    The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 2.1 percent to 2,539 ringgit ($647) per tonne at the close of trade, marking the fourth consecutive session of declines. It hit an intraday low of 2,537 ringgit per tonne, the lowest since March 9.