Malaysian palm oil price recovers from 3-month low on weaker ringgit

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.

The contract for August delivery on the Bursa Malaysia Derivatives Exchange had risen 0.4 percent to 2,503 ringgit ($608) per tonne at the end of the trading day. It hit its lowest level since March 3 on Monday, dragged down by losses in Chinese vegetable oils. 

Traded volume stood at 30,536 lots of 25 tonnes each on Tuesday evening, lower than the 2015 daily average of 44,600.