Malaysian palm oil price drops nearly 2% to one-month low

Palm oil may rise to RM2,001 per tonne, as suggested by a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

KUALA LUMPUR: Malaysian palm oil futures fell nearly 2% on Monday to their lowest in a month, weighed down by losses in soyoil on the U.S. Chicago Board of Trade (CBOT) and weaker export demand.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.7% at 1,994 ringgit ($479.10) per tonne at the close of trade.