Malaysian palm oil price slumps to 3-week low on firm ringgit, weak demand

Malaysian palm oil futures made their sharpest daily gains in a month on Thursday, tracking rises in soyoil on the Chicago Board of Trade and supported by a weaker ringgit, traders said

KUALA LUMPUR: Malaysian palm oil futures slumped to a three-week low on Wednesday evening as a firmer ringgit and weak demand weighed on the market.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 1.2 percent at 2,487 ringgit ($629.30) a tonne at the close of trade, a second straight session of decline.