Malaysian palm oil price slumps to 2-year low tracking weaker soyoil

Malaysian palm oil futures declined on Monday evening, charting a second session of decline in three, as the market was pulled down by weaker demand and overnight losses in U.S. soyoil.

KUALA LUMPUR: Malaysian palm oil futures slumped as much as 3 percent on Tuesday evening to their lowest in two years, tracking weakness in related edible oils.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 1.9 percent at 2,263 ringgit ($565.47) per tonne at the close of trade, its sharpest daily drop since early March.