Malaysian palm oil price slumps 3% on US soyoil losses and weak demand

RAM also said the increase in Indian import duties on rival soybean oil in June 2018 was also expected to reverse the downtrend in palm oil exports for Malaysia and Indonesia.

KUALA LUMPUR: Malaysian palm oil futures fell nearly 4 percent on Thursday evening to their lowest in almost five months, weighed down by weakness in U.S. soyoil prices on the Chicago Board of Trade and weak demand sentiment.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 3 percent at 2,032 ringgit ($491.36) a tonne at the close of a fifth consecutive session of declines. The fall was also the sharpest daily decline since mid-December.