Malaysian palm oil price drops from 1-wk high on sluggish demand

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 edged down after hitting a one week-high in early trade on Thursday, undergoing a technical correction after strong gains in the previous session and on sluggish demand.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange rose to its highest in a week at 2,220 ringgit ($547.20) a tonne in the morning before falling 0.8  percent to 2,193 ringgit at the end of the trading day.