Malaysian palm oil price falls over 1% to near 6-week low on output concerns

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% at 2,067 ringgit ($501.94) per tonne at the close of trade, its fifth consecutive session of gains. It earlier rose 0.7% to 2,073 ringgit, its strongest level since June 7. Palm is also up 4.8% for the week in a second week of gains.

KUALA LUMPUR: Malaysian palm oil futures dropped over 1 percent at the close of trade on Tuesday, hitting their lowest levels in nearly six weeks, pressured by weaker soyoil prices and a forecast that February palm output will be higher than usual.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was down 1.4 percent at 2,183 ringgit ($536.50) a tonne at the close of trade in a third straight session of falls.