Malaysian palm oil price sees sharpest drop in 7 weeks on weak exports

Malaysian palm oil futures fell 1 percent on Friday, ending four straight days of gains on forecasts for rising production in March.

KUALA LUMPUR: Malaysian palm oil futures saw their sharpest fall in seven weeks on Friday evening, weighed down by weak export demand and losses in related edible oils on the U.S. Chicago Board of Trade and China's Dalian Commodity Exchange.

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.5 percent to 2,455 ringgit ($617) a tonne at the close of trade, its biggest drop since April 9.