Malaysian palm oil price slides to 8-month low

Malaysian palm oil closed higher on Friday, reversing earlier losses, as traders squared positions ahead of the weekend and as low stock levels supported the market.

KUALA LUMPUR: Malaysian palm oil futures lost early gains, sliding to an eight-month low in late trade on Monday, weighed down by expectations of rising output in top producers Malaysia and Indonesia.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,498 ringgit ($567.34) a tonne at the close, having hit 2,486 ringgit for its  weakest since Aug. 12.Palm had been in positive territory, tracking rival oils. It had dropped 4 percent last week, the sharpest weekly decline since Feb. 17.