Malaysian palm oil price declines 2% as recession concerns weigh

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last down 2% at 2, 175 ringgit ($518.85) per tonne, though still holding near a four-month high. Palm oil prices have gained 5% since the start of the month

KUALA LUMPUR: Malaysian palm oil futures declined 2% at the close of trade on Thursday, weighed down by mounting concerns of a U.S. recession and technical selling after seven consecutive days of gains.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last down 2% at 2, 175 ringgit ($518.85) per tonne, though still holding near a four-month high.