Malaysian palm oil price declines for 3rd day on forecasts for higher output

Malaysian palm oil futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils.

KUALA LUMPUR: Malaysian palm oil futures charted a third consecutive session of losses on Friday evening, tracking weaker edible oils and on expectation that production will rise in the coming weeks, traders said.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.5 percent at 2,266 ringgit ($546.88) a tonne at the close of trade.