Malaysian palm oil price sheds 20% in 2017

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 1 percent at 2,563 ringgit a tonne at the end of the trading day, a second straight session of declines. Earlier in the session, the contract fell as much as 1.7 percent to 2,544 ringgit, its lowest since July 24.

KUALA LUMPUR: Malaysian palm oil fell on Friday evening in a second day of declines, weighed down by a stronger ringgit, its currency of trade.

The market dropped earlier, tracking losses in overnight soyoil on the Chicago Board of Trade and high inventories, but could hold near current levels on expectations of improving demand and weaker output, said a trader.