Malaysian palm oil price slips nearly 2% on worries of high stockpiles

Malaysian palm oil edged up on Friday evening for its first gain in four sessions on the back of falling production outlook, after earlier hitting its lowest level since August last year on rising global vegetable oil supplies and weak demand..

KUALA LUMPUR: Malaysian palm oil futures fell nearly 2 percent at the close of trade on Monday after reaching a more than one-week peak, hit by concerns over high stockpiles and expectations that Indonesia would remove its palm oil export levy.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 1.96 percent at 2,000 ringgit ($480.42) a tonne at the end of the trading day, its sharpest daily decline in a week and snapping three sessions of gains.