Malaysian palm oil price falls over 1%, tracking soyoil decline

A file photo of a worker collecting palm oil fruit at a factory in Sepang, on Feb 18, 2014. – Reuters

KUALA LUMPUR: Malaysian palm oil futures retreated from a six-week top on Monday evening, falling over 1 percent to snap five sessions of gains, tracking weaker soybean oil prices on the U.S. Chicago Board of Trade and in a technical correction.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 1.1 percent at 2,200 ringgit ($537.24) a tonne at the close of trade.