Malaysian palm oil price sees sharpest daily drop in a week, tracks rival oils

Malaysian palm oil futures hit a six-month low in evening trade on Friday and were headed for a third consecutive session of declines, weighed down by a stronger ringgit.

KUALA LUMPUR: Malaysian palm oil futures snapped four consecutive sessions of gains on Tuesday to record their sharpest daily drop in a week as the market tracked a weaker performance in rival oils and on the back of slow export demand.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,466 ringgit ($575.90) a tonne at the close.