Malaysian palm oil price snaps 2 days of gains, hits more than 5-month low

Malaysian palm oil futures came off near three-month lows to trade higher on Tuesday evening on concerns about a decline in February production, traders say.

KUALA LUMPUR: Malaysian palm oil futures snapped two sessions of gains on Thursday, hitting their lowest in more than five months, dragged down by weaker-performing rival soyoil on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.

Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 2.3 percent at 2,659 ringgit ($601.72) a tonne by the close. The price had touched an intraday low of 2,656 ringgit, the weakest level since Oct. 14. Palm is down 3.5 percent this week, in line for a second consecutive weekly decline.