Palm oil set for lowest close in seven weeks on demand worries

Palm for April delivery on Bursa Malaysia Derivatives dropped as much as 1.7% to RM3,293.

KUALA LUMPUR: Palm oil futures headed for their lowest close in seven weeks on lingering concerns that demand from key buyer China will weaken after the Lunar New Year festival next month.

Prices in Kuala Lumpur dropped as much as 1.7% to RM3,293 per tone, Singapore futures fell 1.3%, while Dalian palm olein declined 0.8%.