Malaysian palm oil price falls over 1% on high stocks

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed up 38 ringgit, or 1.8 percent, at 2,198 ringgit ($531.30) a tonne, after rising to its highest since Sept. 18 at 2,209 ringgit a tonne earlier in the session. Trading volumes stood at 44,514 lots of 25 tonnes each by the end of the session.

KUALA LUMPUR: Malaysian palm oil futures fell over 1 percent on Tuesday evening to trade around three-year lows, tracking weakness in crude oil and on existing concerns over high palm stocks.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 1.3 percent at 2,007 ringgit ($478.77) a tonne at the end of the trading day for a sixth consecutive day of losses.