Malaysian palm oil price at 3-week low in 3rd day of losses on demand concerns

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 1.5 percent at 2,538 ringgit ($621.91) a tonne at the close of trade, its third consecutive day of gains. It earlier rose to 2,541 ringgit, its strongest level since Dec. 18.

KUALA LUMPUR: Malaysian palm oil futures fell to a three-week low on Thursday on concerns that demand could take a hit from a European Union move towards banning the use of palm oil in biofuels.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,476 ringgit ($626.20) a tonne at the end of the trading day, its third consecutive day of declines.