Malaysian palm oil price hits over 6-week low on firm output, weaker demand

palm oil fruits

KUALA LUMPUR: Malaysian palm oil futures fell to an over six-week trough on Tuesday evening, recording a fifth straight session of losses on cues from prospects of firm output, slowing demand and weaker related edible oils.

The benchmark palm oil contract for the December delivery on the Bursa Malaysia Derivatives Exchange was down 2.3% at 2,141 ringgit ($512.20) per tonne at the close of trade, its sharpest intraday decline in three weeks.