Higher biodiesel usage is an important factor behind improving CPO prices in 2016, as CPO is the main raw material for biodiesel.
Benchmark palm oil futures for May delivery on the Bursa Malaysia Derivatives Exchange dropped 1.7 percent at 2,723 ringgit ($612.60) a tonne by the end of the trading day. It earlier fell to 2,717 ringgit, its lowest since Nov. 2.
Palm shed more than 3 percent last week, its biggest single-day drop in three weeks on Friday due to weakness in rival soyoil and poor demand.
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