Malaysian palm oil price hits 5-week low on lean demand

Malaysian palm oil futures fell nearly 1 percent to their lowest level in two weeks on Monday, recording a third consecutive session of losses, due to weaker exports.

JAKARTA: Malaysian palm oil futures extended losses to a five-week low on Tuesday, weighed down by the government's decision to maintain export tax for July and on lacklustre demand.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.42 percent to 2,350 ringgit ($589.42) per tonne in morning trade, the lowest since May 4.