Malaysian palm oil futures fell for a seventh consecutive session on Thursday to...
SINGAPORE - Malaysian palm oil futures fell for a seventh consecutive session on Thursday to a three-month low, as concerns over slowing demand and rising production dragged down the market.
The benchmark third-month palm oil contract on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,060 ringgit a tonne by the midday break. Earlier in the session, the contract dropped to its weakest since mid-December at 2,057 ringgit a tonne. The European Commission has concluded that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out, setting the bloc on a collision course with major palm oil producers Malaysia and Indonesia.
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