Malaysian palm oil price sees sharpest daily drop in 2-weeks

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.6 percent at 2,588 ringgit ($637.44) a tonne at the end of trading, a fourth day of losses out of five. Earlier in the session, the contract hit its strongest level since Nov. 24 at 2,625 ringgit. Traded volumes stood at 34,067 lots of 25 tonnes each on Monday evening.

KUALA LUMPUR: Malaysian palm oil futures fell in trade on Thursday evening on the back of a technical correction, dropping from their highest in a month hit during the previous session.

Expectations of rising inventories also weighed on the market, according to a trader from Kuala Lumpur.